Silver prices retreated to around $36.50 per ounce on Tuesday, halting a recent rally as easing trade tensions between the US and China dampened safe-haven demand. Officials from both countries met in London on Monday to discuss rare earth shipments and the potential loosening of export restrictions, with further negotiations expected on Tuesday. President Donald Trump noted that while China is “not easy” to negotiate with, he is receiving “good reports” from the talks. The pullback follows a sharp rise that pushed silver to a more than 13-year high on Monday, as investors rotated into alternative precious metals amid gold’s relative underperformance. Beyond its role as a haven asset, silver continues to draw support from strong industrial demand - particularly from the solar energy sector. According to the Silver Institute, global silver supply was 15% below demand in 2024, and another market deficit is projected for this year, helping to underpin prices despite short-term fluctuations.