Silver Drops Below $72.30 After US Strikes on Iran

Silver (XAGUSD) tumbled below $72.30 on May 28 after US military strikes on Iran reignited hostilities and strengthened the dollar. The sharp reversal erased gains from a rally to $78.50 on May 24, which had been driven by optimism over a potential 60-day ceasefire and reopening of the Strait of Hormuz. Prices swung repeatedly between $73.22 and $78.20 earlier in the period as delayed strikes, softer yields, and mixed Fed signals alternated with renewed geopolitical tensions, leaving the metal range-bound above structural industrial-demand support near $70.