Silver surges 4% to $78, following U.S.-Iran ceasefire progress

Global silver prices surged nearly 4% to trade around $78 per ounce.

Optimism over a potential 60-day U.S.-Iran ceasefire agreement boosted global market sentiment. The negotiations aim to reopen the Strait of Hormuz and reduce geopolitical risk premiums.

Brent crude fell over 5% while international equities rallied. Silver prices rose by more than $2 per ounce, rebounding from a recent slump.

The asset capitalized on a broader market shift toward risk-on assets and eased regional supply concerns.