Silver Prices Surge to 12-Year High
(MENAFN) Silver prices surged to their highest point since 2011, hitting $39 per ounce by 1020 GMT on Monday amid escalating trade frictions, especially between the US and the EU.
The precious metal experienced a daily increase of 1.73% on Monday and gained over 8% during the past week. At the start of the year, silver was trading near $29 per ounce.
Gold prices also climbed, rising 0.5% on the day to reach $3,372.90, marking a three-week high.
This boost in precious metals follows US President Donald Trump’s announcement on Saturday that Washington will implement 30% tariffs on the EU and Mexico beginning August 1.
Responding on Monday, the EU’s trade chief warned that the ongoing "uncertainty" caused by these tariffs cannot continue, signaling readiness to take "proportioned countermeasures" against the US.
"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 said in a statement to reporters ahead of the Foreign Affairs Council on trade.
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