Silver Price News: Silver Prices Rebound Above $33 an Ounce

Silver prices pushed higher on Tuesday, rising in tandem with stronger gold prices, a weaker US dollar and continued interest in tangible assets due to their safe-haven appeal.

Silver prices rose as high as $33.15 an ounce, up from around $32.40 an ounce in late trades on Monday.

Weaker dollar lifts precious metals prices

The US dollar started the week on the back foot, putting upward pressure on dollar-denominated assets like gold and silver due to their inverse relationship.

Silver also benefitted from gold’s renewed strength at the start of the week, which came after reports that China’s gold imports rose sharply to an 11-month high in April, despite fresh records for the gold price in late April.

There are enough geopolitical flashpoints around the world to maintain interest in safe-haven assets, and this picture continues to be augmented by worries over the economic effects of recent US trade tariffs. This was further compounded by news on Friday that ratings agency Moody’s had become the third major company of its kind to downgrade America’s sovereign credit rating due to rising government debt and an expected deterioration in America’s fiscal performance.

These factors have driven investors toward perceived sanctuaries like gold and silver, which tend to perform well in uncertain times.

Upcoming data

Wednesday will bring few data points for the market to chew over. However, Thursday will see the release of monthly manufacturing data from several countries including Australia, Japan, India, the Euro Area, the UK and US, providing the latest clues on industrial demand for silver in several major economies.