Argor-Heraeus' CEO Robin Kolvenbach holds one kilo bars of silver and gold at the plant of refiner and bar manufacturer Argor-Heraeus in Mendrisio, Switzerland, July 13, 2022.

Denis Balibouse | Reuters

The rally that propelled gold and silver to record-breaking highs in 2025 could pick up again if a U.S.-Iran peace deal is reached, market watchers told CNBC as prices ticked higher on Thursday.

Spot gold jumped 1.2% to $4,750 per ounce early on Thursday, amid hopes that the U.S. and Iran could be nearing a deal to bring the 69-day war to an end.

Stock Chart Icon Stock chart icon

Spot gold

Stock Chart Icon Stock chart icon

Spot silver

Gold and silver both enjoyed record-smashing rallies in 2025, surging 66% and 135%, respectively, over the course of the year.…