Gold climbs to 3-week high as tariff ruling fuels uncertainty | Daily Sabah
by Reuters
Feb 23, 2026 11:55 am
Gold surged to a three-week high on Monday as uncertainty driven by the U.S. Supreme Court’s decision to strike down a vast swathe of President Donald Trump’s tariffs pressured the dollar and pushed investors once again to the safety of bullion.
Spot gold climbed 0.6% to $5,136.22 per ounce by 07:29 a.m. GMT, having earlier hit its highest since Jan. 30. U.S. gold futures for April delivery were up 1.5% at $5,157.50.
“The court’s tariff ruling has, aside from earning the ire of the U.S. president, added another layer of uncertainty to global markets, with traders again turning to gold as a defensive play,” said Tim Waterer, chief market analyst at KCM Trade.
The U.S. Supreme Court struck down Trump’s sweeping tariffs that he pursued under a law meant for use in national emergencies, handing the Republican president a stinging defeat in a landmark ruling on Friday with major implications for the global economy.
After the court ruling, Trump said he would raise a temporary tariff from 10% to 15% on U.S. imports from all countries.
Wall Street futures and the dollar slid in Asia on Monday as murkiness around U.S. tariffs revived the “sell America” trade.
“Whether gold can claw its way back above $5,400 in the near-term may rest on how long tariff uncertainty lingers and whether the U.S. engages in military action against Iran,” KCM’s Waterer said.
Iran has indicated it is prepared to make concessions on its nuclear program in talks with the U.S. in return for the lifting of sanctions and recognition of its right to enrich uranium, as it seeks to avert a U.S. attack.
Meanwhile, data on Friday showed that underlying U.S. inflation increased more than expected in December, and signs are pointing to a further acceleration in January, which would strengthen expectations that the Federal Reserve won’t cut interest rates before June.
Spot silver also climbed 1.2% to $85.57 per ounce, a more than two-week high.
However, spot platinum edged 0.3% lower to $2,149.22 per ounce, and palladium slipped 0.4% to $1,740.25.
KEYWORDS
gold prices
gold
tariffs
united states
global trade
uncertainty
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