Silver Price News: Silver Nudges Back Up Toward $33 Mark

Silver prices added to Monday’s modest gains on Tuesday, coming close to the $33.00 an ounce mark as gold prices neared their recent all-time highs.

Silver prices rose as high as $32.97 an ounce on Tuesday, up from around $32.46 an ounce in late trades on Monday.

Silver’s moderate gains came in the context of bullish gold prices, which rose above $2,935 an ounce on Tuesday, hovering close to their recent all-time highs.

Uncertainties boost safe havens

Both precious metals have benefited from worries over the geopolitical landscape amid the recent conflict between Hamas and Israel and the ongoing war between Russia and Ukraine, which have ignited interest in low-risk, tangible assets among institutional investors, central banks, and retail investors alike.

More recently these factors have been compounded by uncertainties linked to US President Donald Trump’s penchant for trade tariffs, which carry the risk of disrupted international supply chains, damage to global trade and slower economic growth in general, all of which increase demand for safe haven assets like gold and silver.

Upcoming data

Looking ahead, Thursday will bring UK industrial trends orders data for February, followed by the weekly US initial jobless claims figures and Euro Area consumer confidence flash for February, all of which will play into the latest picture of economic health in those economies. Then on Friday, a series of monthly manufacturing figures are due from countries including Japan, India, the Euro Area, UK and US, giving the latest signals on industrial demand for silver.