ISTANBUL

Silver prices fell sharply Thursday after US President Donald Trump signaled an escalation in the Iran conflict, triggering a broad sell-off across precious metals.

Spot silver dropped 5.1% to $71.26 per ounce as of 0915 GMT.

The decline followed Trump’s televised remarks that the United States would hit Iran “extremely hard” over the next two to three weeks, dampening expectations for a near-term easing of tensions and prompting a repricing across global markets.

The sell-off came as Trump’s comments boosted the US dollar, pushed oil prices higher and renewed concerns that a prolonged conflict could fuel inflation and keep interest rates elevated for longer.

Gold also fell, reports of spot gold down by 2.8% at $4,622.59 per ounce. Other precious metals, including platinum and palladium, also declined.

Financial markets turned more risk-averse after Trump’s address offered no clear path to a quick end to the war, reversing earlier optimism that the conflict could wind down within weeks.