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. However, they have seen much more volatile trade in 2026, with silver futures suffering their biggest single-day blow since the 1980s at the end of January and gold knocking more 10% off its January peak. Since the outbreak of the U.S.-Iran war on Feb.…