Gold and silver hit new record highs on Monday as investors rushed to safe-haven assets amid renewed trade tensions and US government shutdown fears. Gold rose above $5,100 an ounce, while silver also reached an all-time high, boosting shares of major mining companies.
Wall Street stocks edged higher, with the Dow Jones gaining over 200 points (0.45%), the S&P 500 up 27 points (0.4%), and the Nasdaq climbing more than 50 points (0.2%). In London, the FTSE 100 rose 0.37% to 10,180, led by mining firms such as Fresnillo, Antofagasta, Endeavour Mining, Anglo American, and Rio Tinto.
The rally in precious metals came as Donald Trump threatened 100% tariffs on Canada, stoking market uncertainty. Meanwhile, the Japanese yen recovered some lost ground against the dollar, slipping to 154.14 yen from 155.01, after speculation that the US Federal Reserve and Bank of Japan had coordinated to bolster the currency.
In the UK, ministers struck a deal with the five largest banks—NatWest, HSBC, Barclays, Lloyds Banking Group, and Santander UK—to distribute £11 billion in government-backed loans to exporters. The loans, worth up to £10 million each, come with an 80% state guarantee to encourage lending to small and medium-sized businesses looking to expand internationally.
Business secretary Peter Kyle said the scheme would 'turn the power of the City into rocket fuel for UK exporters'. The move comes amid global trade disruption caused by Trump's unpredictable tariff policies, which have created uncertainty for British exporters.
