2.23.26 - Tariff jitters are pushing gold

2.23.26 - Tariff jitters are pushing gold

Gold last traded at $5,228 an ounce. Silver at $88.13 an ounce.

Tariff jitters are pushing gold over $5,100 and powering silver higher -Morningstar

by Barbara Kollmeyer

Gold and silver prices were rising to start the week as investors sought some haven assets in the wake of the U.S. Supreme Court overturning most of President Donald Trump's tariffs.

Gold futures rose $90, or 1.7%, to $5,171 an ounce, following its third-straight weekly gain last week, gaining 0.7% to $5,059 an ounce. Gold remains some distance from its 52-week high of $5318.40 reached on Jan. 29.

Silver futures gained $4.27, or 5%, to $86.61 an ounce, after its second-straight week of gains. The precious metal closed up around 5.7% last week to $82.28 an ounce.

After the Supreme Court rejected Trump's emergency tariffs last Friday, he responded by immediately announcing 10% global tariffs for up to 120 days, and raised that to 15% on Saturday. U.S. stock futures were under pressure on Monday, along with the dollar DXY, which tends to move inversely to gold.

"Trump's swift policy pivot has reignited fears of retaliatory measures, supply-chain disruption and weaker global demand, conditions that traditionally favour non-yielding safe-haven assets like gold," David Morrison, senior market analyst at Trade Nation, told clients in a note.