Gold and silver rose more than 2% on Monday, while international oil prices fell over 6%, as reports of progress in US-Iran talks lifted hopes of easing tensions and reopening the Strait of Hormuz. Gold's market value increased by about $428 billion in less than four hours. No agreement has been finalized, however, and Iranian sources still consider a renewed US strike more likely than a deal.
Seven-step proposal includes reopening the Strait of Hormuz
A revised peace proposal began circulating after Iranian negotiators left talks with Qatari mediators on Sunday. Iran said the seven-step plan could be implemented within two days at the earliest. Under the proposal, the Strait of Hormuz could reopen if Washington lifts its blockade of Iranian ports.
Iranian Foreign Minister Abbas Araghchi described the discussions as “very intensive.” The proposal remains under negotiation, and both the strait's reopening and any easing of the port blockade depend on the outcome of further talks.
Gold and silver gain as oil drops more than 6%
Reports of diplomatic progress sent crude prices down by more than 6%. Gold rebounded, while silver also gained over 2%. Gold added about $428 billion in market value in less than four hours, underscoring how quickly precious metals responded to developments in the US-Iran standoff.
For energy markets, whether traffic through the Strait of Hormuz resumes is a key factor in assessing supply risks. A reopening could ease concerns about disrupted shipments, but the proposal has not been implemented and prices remain sensitive to further news from the negotiations.
Bitcoin edges lower near $76,000
Bitcoin slipped 0.06% over the same period, hovering near $76,000. Its modest decline contrasted with gains in precious metals, though one short trading window is not enough to establish a sustained shift in capital flows. A record-scale hack at Binance the previous week was also part of the backdrop for crypto markets at the time.
US President Donald Trump had rejected an earlier version of the proposal. Iranian sources continued to view a renewed US strike as more likely than an agreement between the two sides. Monday's moves in gold, silver and oil therefore reflect the market's response to negotiation headlines, not a concluded peace deal.