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Gold hits three-week high; silver jumps over 3% globallyGold and silver prices hit multi-week highs after the Supreme Court of the United States struck down Donald Trump tariffs, fueling safe-haven demand amid global trade and geopolitical uncertainty.By Anshul  February 23, 2026, 11:22:15 AM IST (Updated)3 Min ReadGold and silver prices surged on Monday (Febraury 23), with bullion hitting multi-week highs as investors sought safety amid renewed uncertainty over US trade policy and geopolitical risks.

Spot gold rose 1.1% to $5,161.64 per ounce in early trade, after touching its highest level since January 30.

US gold futures for April delivery climbed 2% to $5,183 an ounce. Silver outperformed, jumping 3.1% to $87.20 per ounce, a more than two-week high.

The gains followed a landmark ruling by the Supreme Court of the United States, which struck down sweeping tariffs imposed by President Donald Trump under emergency powers. The decision injected fresh uncertainty into global markets. Shortly after the ruling, Trump said he would raise a temporary tariff on U.S. imports from 10% to 15%, adding to the policy ambiguity.

Analysts said the shifting tariff stance pressured the U.S. dollar and revived safe-haven demand for bullion. Wall Street futures and the dollar weakened in Asian trading, reflecting cautious investor sentiment. A softer dollar typically makes gold more attractive to overseas buyers.

Analysts said the shifting tariff stance has clouded the global trade outlook and supported demand for bullion as a hedge against volatility. “The tariff landscape is now more uncertain than before,” Rodrigo Catril, senior FX strategist at NAB, said, warning that repeated policy changes could weigh on investor confidence.

The US dollar slipped against major currencies in early Asian trade, reflecting what some market participants described as a broader “sell America” theme amid policy unpredictability. A softer dollar typically makes dollar-denominated commodities such as gold more attractive to overseas buyers.

At the same time, markets are weighing mixed US economic signals. While recent data showed economic growth missing expectations in the December quarter, core inflation surprised on the upside. The probability of a June rate cut by the Federal Reserve has eased to around 52%, down from more than 60% a week earlier, according to market pricing.

Geopolitical risks also remained in focus. Oil prices were volatile ahead of U.S.-Iran talks scheduled in Geneva later this week, with lingering concerns about potential military action if negotiations fail. Brent crude edged down 0.6% to $71.29 a barrel, while U.S. crude fell 0.8% to $65.95 per barrel.

Brokerages said escalating tensions in the Middle East, the ongoing Russia-Ukraine conflict and broader market volatility have reinforced safe-haven flows into precious metals. Choice Broking noted that renewed trade uncertainties following the US court ruling have strengthened bullion demand, while post-Lunar New Year liquidity and industrial demand from sectors such as solar and aluminium have supported silver.

In the domestic market, MCX gold traded in the ₹1.5–1.6 lakh per 10 grams range in the week ended February 20, analysts said, with expectations that prices could test ₹1.61 lakh per 10 grams if risk aversion persists.

Investors are now awaiting key economic data, including the US Producer Price Index, housing indicators, consumer confidence readings and weekly jobless claims, along with the People’s Bank of China’s lending rate decision, for further direction on precious metals.

Meanwhile, heightened volatility in bullion prices is influencing consumer behaviour in the jewellery segment.

Namita Kothari, founder of Akoirah by Augmont, said buyers are focusing on design-led, versatile pieces and laboratory-grown diamonds rather than pure metal weight, as price swings in gold and silver prompt more value-conscious purchasing decisions.

-With agencies inputsContinue ReadingNote To ReadersDisclaimer: This article is for informational purposes only and should not be construed as investment advice. Readers should consult certified experts before making any investment decisions.First Published: Feb 23, 2026 7:31 AM ISTTagsgoldGold Pricesgold ratessilversilver prices