The escalation of the Israel-Iran conflict has driven up gold prices amid risk-averse sentiment, while silver prices have stopped falling and stabilized after a high-level correction. According to SMM, suppliers holding warrants for national standard silver ingots in Shanghai, with spot payment and delivery, are quoting premiums of 2-3 yuan/kg against TD. Large-scale smelters are quoting premiums of 3-5 yuan/kg for spot silver ingots against TD. As the delivery date approaches, some suppliers have suspended their quotes. In Henan and Jiangxi provinces, smelters are offering spot silver with factory pickup at discounts of 1-2 yuan/kg against TD or discounts of 22-25 yuan/kg against the SHFE silver 2508 contract. Downstream buyers are maintaining just-in-time procurement, and overall spot market trading remains sluggish.
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![Silver Prices Continue to Pull Back, Suppliers Remain Reluctant to Sell, Spot Market Premiums Hard to Decline [SMM Daily Review]](https://imgqn.smm.cn/usercenter/LVqfJ20251217171736.jpg)
