Silver surged above $32 per ounce in February, reaching a three-month high as investors sought safety amid global economic uncertainty and trade war concerns. US President Trump imposed 10% tariffs on China, prompting Beijing to announce retaliatory levies on US energy goods. Meanwhile, US job openings fell short of expectations in December, and manufacturing orders saw a sharp decline, fueling market bets on multiple Fed rate cuts this year, which supported silver prices. On the supply side, the Silver Institute projected a fifth consecutive year of market deficits in 2025, driven by strong industrial demand and retail investment, outweighing weaker consumption in jewelry and silverware.

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