Brussels – The price of silver surged to its highest level in over a decade on Monday, reaching $39 per ounce as of 10:20 GMT, amid rising trade tensions between the United States and the European Union. The metal gained 1.73% in a single day and recorded a weekly increase of over 8%, reflecting investor anxiety over escalating tariff threats and broader market instability.
At the start of 2025, silver was trading at around $29 per ounce, making this latest jump a significant rally driven by global economic uncertainty and fears of a potential trade war. The precious metal is often viewed as a safe-haven asset during times of geopolitical and financial stress.
Gold prices also rose on Monday, climbing 0.5% on the day to reach $3,372.90, marking a three-week high as markets responded to growing concerns over US trade policies.
The surge comes after US President Donald Trump announced on Saturday that 30% tariffs would be imposed on EU and Mexican goods starting August 1, a move that has threatened to derail transatlantic trade talks. In response, EU Trade Commissioner Maros Sefcovic warned that the bloc would not tolerate continued “uncertainty” caused by what he described as “unjustified tariffs.”
Speaking ahead of the Foreign Affairs Council on trade in Brussels, Sefcovic emphasized that the EU must be ready to take “well-considered proportioned countermeasures” if needed, in order to “restore the balance in our transatlantic relationship.”
Analysts say both silver and gold are benefiting from a flight to safety as investors hedge against volatility sparked by protectionist trade measures and potential retaliatory tariffs from Europe.
