Analysis: Focus on the progress of US-Iran negotiations and the resumption of navigation in the Strait. Silver is expected to follow gold in a strong, volatile pattern in the short term, with its volatility potentially exceeding that of gold.

Odaily News: The renewed blockade of the Strait of Hormuz and escalating US-Iran conflicts have boosted the US dollar index and stirred inflation concerns. Silver's industrial nature makes it more sensitive to global growth and risk appetite, often resulting in greater price swings than gold. Currently, the "stagnation" aspect of the US economy remains unconfirmed. With the US-Iran geopolitical tensions escalating again, oil prices rose intraday, making it difficult for short-term rate cut expectations to heat up quickly. More economic data is needed for guidance. Furthermore, spot silver market drivers remain weak. Although the 1M, 3M, and 6M London Silver Lease Rates have seen slight increases, they continue to fluctuate at low levels. Short-term industrial demand expectations for silver are also weak. The cancellation of the photovoltaic tax rebate starting in April may slow down the previous rush to export silver for photovoltaic applications. (Jin10)