I've noticed that silver is rising strongly these days, especially with all these geopolitical developments. XAG/USD has reached levels close to $80.50 in European trading, a significant increase of 2.6 percent. It seems that precious metals in general are benefiting from the uncertainty, especially after U.S. statements about maintaining the ceasefire with Iran despite recent developments near the Strait of Hormuz.

The problem here is that tensions are driving up oil prices, which means higher inflation expectations. Central banks may stick to raising interest rates or holding steady, and this is not good for non-yielding assets like silver. If real interest rates rise, metals will lose their appeal.

At the same time, we are awaiting U.S. non-farm payroll data, with expectations of adding only about 62,000 jobs, a weak figure compared to 178,000 in the previous month. This could influence Federal Reserve decisions. In short, the outlook for gold and silver prices now moves according to this equation: geopolitical tensions versus the possibility of stable interest rates.