Silver rose to around $30.64 per ounce on Tuesday, extending gains from the previous session driven by supply concerns and a narrowing of price discrepancies between New York and London markets. The threat of tariffs, particularly following President Trump's inauguration, also boosted premiums for silver futures as traders braced for potential disruptions. Moreover, silver's price remains supported by ongoing fears of supply issues, especially in London vaults. Additionally, strong industrial demand, particularly in manufacturing, and expectations of Federal Reserve interest rate cuts, which could weaken the dollar and boost demand for commodities, continue to prop up silver. Geopolitical factors, including undertainties relating to US-China relations also add to silver's appeal as an asset.