Editor’s Note
This article reports on a sudden, sharp decline in precious metals prices on February 17th, with spot silver falling as much as 5% and gold dropping below $4,900 per ounce.
On February 17th, spot gold and silver prices suddenly plunged sharply during the trading session. Silver once plummeted by approximately 5% before narrowing its losses, while spot gold fell below $4,900 per ounce, trading at $4,920.07 per ounce at the time of writing.
On the 17th local time, many major global markets were closed for traditional holidays, leading to thin trading in the precious metals market. Against the backdrop of cooling expectations for a Federal Reserve interest rate cut, gold encountered resistance at the key psychological level of $5,000 per ounce. Combined with profit-taking by some investors, this intensified the downward pressure on precious metal prices.
Simultaneously, futures for the three major U.S. stock indices also fell across the board. The Nasdaq index fell by 0.53%, the Nikkei 225 index dropped by 0.42%, and the FTSE China A50 futures index declined by over 0.7%.
According to CCTV News, an Iranian delegation led by Foreign Minister Araghchi arrived in Geneva, Switzerland on the 16th local time and is scheduled to hold a new round of indirect talks with the U.S. delegation on the 17th local time. Araghchi stated on the 16th that he hopes to reach a fair and just agreement, but Iran will not yield to threats.
Araghchi posted on social media.
U.S. President Trump told the media on the 16th that he would be “indirectly” involved in the U.S.-Iran negotiations. He also stated that Iran is a “tough negotiator” but believes the other side “wants to make a deal” because Iran does not want to bear the consequences of failed talks. It is reported that the U.S. negotiation team is led by President Trump’s special envoy, Wittkof, and his son-in-law, Kushner.
On the 6th of this month, Iranian and U.S. representatives held indirect talks in Muscat, the capital of Oman. Both sides agreed to continue negotiations, but serious differences remain on core issues.