Brussels: The price of silver reached its highest level since 2011, hitting $39 per ounce on Monday as of 1020GMT, amid escalating trade tensions, particularly between the European Union and the United States.

According to Anadolu Agency, silver prices increased by 1.73% day-on-day on Monday and have surged more than 8% over the past week. At the start of the year, silver was valued around $29 per ounce, indicating a significant rise in recent months.

In parallel developments, gold prices also experienced an uptick. On Monday, gold rose by 0.5% on a daily basis, reaching $3,372.90, marking a three-week peak. This trend in precious metals pricing is seen against the backdrop of heightened trade disputes.

On Saturday, US President Donald Trump announced plans to impose 30% tariffs on imports from the EU and Mexico starting August 1. This move has prompted responses from EU officials, who are preparing for potential counteractions. Maros Sefcovic, the EU trade chief, emphasized the need for a balanced transatlantic relationship, stating that the current uncertainty from US tariffs cannot persist and that proportionate countermeasures may be necessary.