Silver Price News: Silver Shines as Traders Seek Safe Havens 

Silver prices made gains for a second straight day on Tuesday, taking a lead from gold prices which rallied to a two-week high.

Prices rose as high as $33.34 an ounce on Tuesday, up from around $32.64 an ounce in late trades on Monday.

Safe havens find continued support

Precious metals were once again in the spotlight amid a background of geopolitical and economic uncertainties, and hopes of further monetary policy easing by central banks.

Announcements of further trade tariffs by US President Donald Trump have rattled the markets and raised fears of a deepening trade war – a move that strengthens investment into safe havens like gold and silver.

Meanwhile, precious metals continued to benefit from geopolitical tensions, with no immediate sign of an end to Russia’s conflict with Ukraine. This picture was further compounded by news reports on Tuesday quoting the Indian government as saying it had carried out air strikes against several targets in Pakistan and Pakistan-administered Kashmir.

Upcoming data/events

Eyes will be on the US Fed’s scheduled interest rate decision on Wednesday, which is widely expected to constitute no change from the existing 4.5%. However, there will be interest in the central bank’s communications as the markets try to gauge the likelihood of changes in the coming weeks and months. The markets are weighing the prospects of interest rate cuts in June or July, which could provide a further boost for non-interest-bearing precious metals prices.

Then the Bank of England is widely tipped to slash rates by 25 basis points on Thursday, followed by the US weekly initial jobless claims figures for the week ending May 3.