Silver Holds at $31.5 as Trade War Fears Boost Safe-Haven Demand

Silver trades around $31.5 per ounce on Tuesday, steady amid rising safe-haven demand after Trump’s 25% steel and aluminum tariffs, set to take effect today. More tariffs are expected midweek, while China’s retaliatory levies also begin today. German Chancellor Scholz warned the EU would respond "within an hour" to US tariffs on European goods. Silver also benefits from strong industrial demand, particularly in renewables, and ongoing supply shortages.

Technically, the first resistance level will be 32.50 level. In case of this level’s breach, the next levels to watch would be 33.00 and 33.50. On the downside, 31.80 will be the first support level. 30.90 and 30.20 are the next levels to observe if the first support level is breached.