INTERTANKO said Iran's Hormuz route was "worrying."

Iran's foreign ministry spokesman dismissed Gulf Cooperation Council concerns about Iran's military capabilities, saying Iran's defensive measures are not negotiable or subject to concessions.

As of end-June, FxEmpire analyst Arslan Ali says two forces are providing structural support for precious metals: ongoing official buying and tight new-mine supply. Central banks have been diversifying reserves and increasing gold holdings to hedge high public debt and shifting monetary-policy risk, creating a relatively independent, persistent source of demand. New-mine output for gold and silver remains constrained: gold production has not meaningfully increased since its prior peak due to aging mines and rising extraction costs; silver faces similar supply pressure but is partially offset by byproduct output from other metals. On the demand side, silver’s industrial use remains strong—notably in photovoltaic (PV), electronics and electric-vehicle (EV) manufacturing—reinforcing structural upside amid the energy transition; silver also retains monetary-asset attributes. Investor demand from ETFs and physical holdings provides an additional stable base for both metals.