Iran Rejects US Proposed Ceasefire, Won't Be 'Fooled Again' As Attacks Continue With US Troops En Route

Middle East tensions remain elevated with Iran rejecting diplomatic overtures while US forces mobilize. This keeps gold's risk premium locked in above $2500. Physical demand from central banks continues as nations hedge against dollar-denominated assets amid regional instability. Silver's industrial demand could face headwinds if conflict escalates and disrupts supply chains, but the monetary metal component strengthens alongside gold. COMEX registered gold inventories remain tight at multi-year lows. Any escalation sends both metals higher, but gold leads on safe haven flows. Stack accordingly - this geopolitical backdrop isn't resolving quickly.