The price of silver hit the highest level since 2011, reaching $39 per ounce on Monday at 10:20 a.m. GMT, amid growing trade tensions, particularly between the European Union and the U.S., as markets await how Brussels would respond to a fresh 30% tariff threat.
The price of silver gained 1.73% day-over-day on Monday, but it also gained more than 8% weekly.
At the beginning of the year, its price was around $29.
Meanwhile, the price of gold also rose by 0.5% daily on Monday to reach $3,372.90 – also a three-week peak.
On Saturday, U.S. President Donald Trump announced that Washington will impose 30% tariffs on the EU and Mexico starting Aug. 1.
The EU trade chief warned on Monday that "uncertainty" caused by U.S. tariffs cannot persist, signaling "proportioned countermeasures" against Washington.
"The current uncertainty caused by unjustified tariffs cannot persist indefinitely, and therefore we must prepare for all outcomes, including, if necessary, well-considered proportioned countermeasures to restore the balance in our transatlantic relationship," Maros Sefcovic told reporters during a doorstep statement ahead of the Foreign Affairs Council on trade.
