Shares of UK-listed mining companies rose on Monday, supported by a sharp rally in silver prices, which surged to their highest level since late 2011.

On the London Stock Exchange, Fresnillo (LSE:FRES) gained 3.2%, while Hochschild Mining (LSE:HOC) advanced 5.4%, as investors turned to precious metals amid mounting global trade concerns.

By 09:12 GMT, silver was trading at $39.448 per ounce, up 1.3% on the day, reaching a nearly 14-year peak. The move was fueled by rising demand for safe-haven assets following renewed trade tensions sparked by the United States.

U.S. President Donald Trump on July 12 announced plans to impose a 30% tariff on goods imported from Mexico and the European Union, set to take effect on August 1. This follows a recent 35% duty on Canadian imports and the threat of additional levies if retaliation occurs.

Fresnillo, one of the world’s largest primary silver producers, and Hochschild, which also holds significant silver operations, tracked the commodity’s rally, as investor appetite for metals strengthened in response to growing economic uncertainty.

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