Silver jumps to around £44 an ounce as US-Iran ceasefire hopes lift metals

Silver had its strongest session in weeks on Tuesday, climbing nearly 5% to about $59 per troy ounce, according to Trading Economics data. At an exchange rate near 1.34, that is roughly £44 per ounce, or about £1.42 per gram (the sterling figures are approximate). Gold rose more modestly, up around 0.4% to $4,022, which works out at just under £3,000 per ounce.

The trigger was a flicker of diplomacy in the US-Iran conflict. FXStreet reports that Tehran confirmed receiving a proposal from mediators for a 10-day cessation of strikes, raising hopes that negotiations to revive the interim deal could restart. Weeks of fighting had pushed oil prices higher, stoking inflation worries and bets on another US rate rise, which tends to weigh on metals that pay no income. The prospect of talks eases that pressure, and markets currently expect the Federal Reserve to leave rates unchanged at next week's meeting.

Silver's outsized move narrows the gold to silver ratio from about 70:1 to closer to 68:1. For first-time buyers, remember the all-in cost is spot plus the dealer premium and any delivery fees, and VAT applies to silver purchases in the UK. Silver often swings sharply in both directions, and none of this is financial advice.