Gold Hits Three-Week High on Trump Tariff Uncertainty
Gold prices surged to their highest level in three weeks on Monday (February 23, 2026), driven by rising safe-haven demand amid renewed uncertainty over U.S. tariff policy under President Donald Trump and the future direction of U.S. interest rates.
Spot gold climbed nearly 2% to US$5,206.39 per ounce at the close of the U.S. session, after touching its strongest level since late January. Meanwhile, U.S. gold futures for April delivery advanced 2.8% to settle at US$5,225.60 per ounce.
The rally followed Trump’s announcement that he would raise import tariffs after the Supreme Court of the United States previously struck down much of his earlier tariff policy. Over the weekend, Trump confirmed a temporary tariff increase on all U.S. imports from 10% to 15% — the maximum level allowed by law.
The move sparked fresh concerns across global markets, particularly regarding its potential impact on inflation and economic growth.
“Global economic and political uncertainty remains elevated. With market activity returning to normal after the Lunar New Year holiday, gold has greater room to strengthen,” said Jeffrey Christian, Managing Partner at CPM Group.
From a macroeconomic perspective, the latest data showed that core U.S. inflation rose more than expected in December, while economic growth slowed sharply in the fourth quarter. This combination could prompt the Federal Reserve to keep interest rates higher for longer — a factor that typically limits gold’s upside potential.
However, ongoing geopolitical tensions and policy risks are seen as strong enough to continue supporting bullion prices.
Investors are also watching for the reopening of mainland China’s markets on Tuesday following the Lunar New Year holiday. As the world’s largest gold consumer, China’s return is expected to boost liquidity and potentially add further demand momentum.
Beyond gold, spot silver jumped 3.2% to US$87.23 per ounce, marking its highest level in more than two weeks. Platinum slipped 0.7% to US$2.140.75 per ounce, while palladium edged up 0.1% to US$1,750.53 per ounce.
Overall, the gold rally reflects a renewed defensive stance among investors, with U.S. tariff developments and global interest rate expectations likely to remain key drivers of price movements in the near term.