Gold hits three-week high on Trump tariff uncertainty

Gold prices climbed more than 2% to their highest level in three weeks on Monday (February 23, 2026), as renewed safe-haven demand was fuelled by uncertainty surrounding US President Donald Trump’s tariff plans, Reuters reported.

Spot gold rose 2% to $5,206.39 an ounce at 1:33pm ET (18:33 GMT), after earlier touching its highest level since January 30. The precious metal hit a record high of $5,594.82 an ounce on January 29.

US gold futures for April delivery settled 2.8% higher at $5,225.60.

“Globally, there are many economic and political problems, and because the market has been fairly quiet during the Lunar New Year holiday, we expect gold prices could rise quickly this week as activity picks up again,” said Jeffrey Christian, managing partner at CPM Group.

On Monday, Trump again criticised the Supreme Court ruling that struck down his earlier tariff plan. He had announced on Saturday that he would raise a temporary import tariff on all goods imported into the United States from 10% to 15%, the highest rate permitted by law.

Gold may set a new record high

Mainland China, a major gold consumer, remained closed for the Lunar New Year holiday and was due to reopen on Tuesday.

“Over the longer term, across the next several quarters, we think gold prices will continue to rise and may set new records,” Christian said.

Data released on Friday showed US core inflation rose more than expected in December, while separate figures pointed to a sharp slowdown in economic growth in the fourth quarter. Together, these could increase pressure on the Federal Reserve to keep interest rates higher for longer.

Markets are awaiting signals from several Fed officials due to speak this week, which could provide more clarity on the outlook for monetary policy. Investors are also watching for any developments involving the United States and Iran.

Gold is widely seen as a safe-haven store of value during periods of economic and geopolitical uncertainty, and it tends to perform well when interest rates are low.

In other metals, spot silver jumped 3.2% to $87.23 an ounce, its highest in more than two weeks. Platinum edged down 0.7% to $2,140.75, while palladium rose 0.1% to $1,750.53.

Morning update (February 24, 2026)

Gold prices extended gains for a fifth straight day on Tuesday, helped by uncertainty over US tariffs and prolonged tensions linked to Iran, Bloomberg reported.

Spot gold rose 0.2% to $5,238.65 an ounce as of 7:40am Singapore time. Silver added 0.3% to $88.49, platinum rose 0.6%, and palladium gained 0.5%. The Bloomberg Dollar Spot Index, a gauge of the US dollar, rose 0.1% in the previous session.

Gold was trading at around $5,240 an ounce in early Asia on Tuesday, up more than 7% over the previous four sessions. Markets remained unsettled after Trump said he would lift global import tariffs to 15% following a Supreme Court decision opposing the retaliatory tariffs he had proposed.

Investors are also watching the Middle East, where tensions remain elevated as the United States and Iran prepare to resume nuclear talks. Trump denied reports that the Pentagon was concerned about potential difficulties stemming from a prolonged military operation, while insisting his preferred outcome was an agreement.