Gold and silver prices have risen despite the US-Iran ceasefire.

Why Gold and Silver Rallied on US-Iran Ceasefire: Leverage and Rate Fears

A easing of geopolitical tensions is usually bad for gold and silver. But this time, it played out differently. According to an analysis from Investinglive, positions in gold and silver were heavily leveraged before the US-Iran conflict. The outbreak of fighting triggered a leveraged sell-off, pushing precious metals lower.

Once the ceasefire took hold, improving sentiment helped drive a rebound. Another factor: the truce also meant major central banks might not need to raise rates as aggressively. That, too, contributed to the bounce in precious metals.