Silver Leads Metals Rebound as Witkoff and Kushner Landed in Doha for Iran Mediation
Silver jumped over 2% in the past 24 hours to lead a precious metals recovery on Tuesday morning session, while U.S. envoys Steve Witkoff and Jared Kushner arrived in Qatar to meet mediators on US-Iran negotiations
Silver is leading a modest rally across the precious metals market on Tuesday, climbing over 2% compared to its price 24 hours ago to trade above $59 an ounce, while spot gold also added a slight increase in the same time period.
The rebound came despite a firmer U.S. dollar and elevated Treasury yields, which have capped gold's upside since the Federal Reserve held its target range at 3.50%-3.75% in a unanimous June 17 vote. The FOMC statement cited heightened uncertainty linked to the Iran and Lebanon conflict, as well as inflation pressures from energy supply disruptions.
Shipments through the Strait of Hormuz have recovered more swiftly than many analysts anticipated following the June 17 U.S.-Iran agreement, with crude volumes reaching over 11 million barrels on June 25th. However, traffic retreated after fresh clashes and a tanker incident, with Iranian officials describing the situation as somewhat complex.
Yesterday U.S. representatives Steve Witkoff and Jared Kushner have arrived in Doha to engage with Qatari intermediaries regarding Washington-Tehran negotiations, though a face-to-face encounter between the two rival nations has been ruled out, according to Qatar's foreign ministry.
President Donald Trump declared via Truth Social on Sunday that Iran had sought a gathering, stating it would happen in Doha. Iranian officials promptly rejected that characterization.
Iran's Foreign Ministry spokesperson Esmaeil Baghaei asserted that no negotiation with the American side are scheduled in the days ahead. He acknowledged, however, that a technical team is headed to Qatar this week but insisted the trip bears "no relation" to the American delegation's presence.
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