The iShares Silver Trust (SLV) surged 5.03% during intraday trading on Friday, reflecting a significant rally in silver prices.

The move comes as precious metals gain favor from safe-haven demand, with the U.S. appearing on the brink of war with Iran. A substantial U.S. military buildup in the Middle East has heightened geopolitical risks, prompting investors to seek assets like silver perceived as stores of value during times of uncertainty.

Furthermore, the rally was bolstered by the release of key U.S. economic data. Fourth-quarter GDP growth slowed more than expected to a 1.4% annualized rate, while the Federal Reserve's preferred inflation gauge, the PCE index, rose 0.4% in December, exceeding economists' forecasts. This combination of weaker growth and persistent inflation supports the investment case for silver as both a hedge and a non-yielding asset.