Silver plunges 5% as Trump vows ‘extremely hard’ Iran strikes

Silver prices suffered their sharpest one-day decline in months on Thursday, plunging 5.1% to $71.26 per ounce, after President Trump signaled a major escalation in the US-led campaign against Iran. In a televised address, Trump vowed to strike Iranian targets “extremely hard over the next two to three weeks,” dashing hopes that the conflict might ease soon. The remarks triggered a broad sell-off across precious metals as investors pivoted away from bullion and toward the safety of the US dollar.

Stronger dollar and oil surge weigh on metals

Gold dropped 2.8% to $4,622.59 per ounce, while platinum and palladium also recorded losses. Trump’s escalation warning boosted the greenback and pushed crude oil prices higher, renewing fears that a prolonged Middle East war could keep inflation elevated and force central banks to maintain higher interest rates for longer. Financial markets turned sharply risk-averse after the address offered no clear timeline for de-escalation, reversing earlier optimism that the Iran conflict might wind down within weeks.

Türkiye’s exposure to metal price swings

For Türkiye, which imports significant quantities of precious metals for both industrial use and jewelry manufacturing, sharp price fluctuations carry direct economic consequences. A stronger dollar also raises the cost of all commodity imports, adding to inflationary pressures. Ankara has consistently called for restraint in the Gulf region, warning that prolonged military conflict will continue to disrupt global markets and hurt emerging economies disproportionately.