Silver Price News: Silver Holds Just Below $32.00 an Ounce

Silver prices were marginally lower on Tuesday, albeit holding near recent three-month highs.

Prices eased to a low of $31.30 an ounce, down from around $32.10 an ounce in late trades on Monday. However, prices came back up off the earlier lows to trade at around $31.90 an ounce later on Tuesday.

Despite the slight losses on Tuesday, silver prices continue to hover at close to three-month highs, with precious metals in general taking support from uncertainties over global trade in the wake of newly-announced US tariffs.

US tariffs on metals spook wider markets

The uncertainties linked to a widening trade war mean investors are seeking the relative sanctuary of tangible assets, providing a lift for gold and silver. This factor became more significant after US President Donald Trump this week said tariffs of 25% would apply on all US imports of steel and aluminium, starting in March, without exceptions or exemptions.

All this comes against a backdrop of supportive fundamentals for silver prices, amid expectations that the market will see a fifth straight year of structural supply deficit in 2025 as total global supply fails to catch up with expected demand.

Industrial demand in particular has been a bright spot, with silver finding increasing demand in the production of photovoltaic panels as well as a host of other applications across multiple sectors of the economy.

Technical analysis

On the technical charts, silver failed to hold above oblique minor resistance at $32.29 an ounce last Friday. While taken in isolation, this appeared to send a bearish signal, the price action that followed demonstrates a rather more positive direction. Prices started this week by holding above oblique minor support at $31.81 an ounce, and while silver briefly dipped below this level on Tuesday, this area was ultimately rejected by the market, suggesting silver has legs to post further gains, particularly if gold leads the way higher.