Silver prices were near the $32.4 per ounce on Tuesday, trading with marginal gains for a second session and remaining around 12% higher year-to-date gain amid higher demand for silver as bullion and its industrial uses.
Precious metals remained supported by the outlook of lower interest rates by major central banks, which reduce the opportunity cost of holding assets without any yield.
Softer inflation prints maintained bets of two rate cuts by the Fed this year, while the BoE cut its benchmark rate and the PBoC reduced the rate on liquidity operations.
In the meantime, higher investments in solar panels, the main industrial use for silver, also maintained buying from factories. New data showed that China's wind and solar capacity rose to nearly 1,500 GW in the first quarter of the year due to a 60GW jump in photovoltaic power. In turn, solar power output in Europe surged by 30% annually in the first quarter.
Source: Trading Economics
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