Iran has rejected the 15-point plan proposed by the U.S. to end the war in the Middle East, while also denying any intention of entering negotiations with Washington. The conflict, which began on 28 February with U.S. and Israeli air strikes, quickly escalated as Iran expanded hostilities by targeting American allies in the Gulf.
An official statement underscored Tehran’s stance, emphasizing that Iran had responded negatively to the proposal. According to the source, the timeline for ending the war will be determined solely by Iran, not by external actors such as U.S. President Donald Trump. This position highlights Iran’s insistence on maintaining strategic autonomy amid mounting international pressure.
The U.S. proposal itself included several key elements: sanctions relief, a rollback of Iran’s nuclear programme, limits on missiles, and the reopening of the Strait of Hormuz, through which a fifth of the world’s oil is shipped. Despite these provisions, the offer failed to gain traction in Tehran.
Meanwhile, President Trump stated that negotiations are ongoing, claiming involvement from senior U.S. figures including special envoy Steve Witkoff, Jared Kushner, Secretary of State Marco Rubio, and Vice President JD Vance. However, he hasn’t disclosed which Iranian representatives are allegedly engaged, even as he maintains that the opposing side is open to a deal.
In response, Iran has outlined its own counterproposal. This includes demands for an end to targeted killings of its officials, guarantees against future military action, war reparations, a cessation of hostilities, and full sovereignty over the Strait of Hormuz.
As hopes for a ceasefire begin to fade, global financial markets are reacting accordingly. Precious metals, which initially benefited from heightened uncertainty, are now losing momentum. At the same time, the U.S. dollar (DXY) has strengthened, making dollar-denominated assets such as bullion more expensive for holders of other currencies.
Silver prices, in particular, have come under pressure. Trading below the key $70.00 psychological level, silver has dropped more than 4% amid persistent doubts that a ceasefire between the U.S. and Iran will be reached in the near future. This decline reflects broader skepticism surrounding diplomatic progress.
More broadly, precious metals have faced sustained selling pressure as the Middle East conflict and rising energy prices fueled inflation concerns and reinforced expectations that major central banks could hike interest rates this year.
Oil rose, by contrast, have surged as fears of prolonged conflict raise the risk of further supply disruptions. Higher energy costs are likely to intensify inflationary pressures across economies. Notably, gold prices have fallen 17% since the US-Israeli campaign against Iran began in late February.
Although gold is traditionally viewed as a hedge against uncertainty and inflation, it tends to lose attractiveness in a high-interest-rate environment. Rising yields increase the opportunity cost of holding non-yielding assets, prompting investors to shift toward interest-bearing instruments.
Meanwhile, the conflict continues unabated. Drones and missiles remain active across the region, while the Strait of Hormuz — a vital chokepoint for global crude supply — remains effectively closed. This ongoing disruption is placing significant strain on the global economy and further dampening investor appetite for risk.
