Gold jumps as US Supreme Court curbs Trump’s tariff powers, shaking global trade talks
Gold prices rose after a US Supreme Court ruling limiting President Donald Trump’s ability to impose import tariffs fuelled uncertainty over trade agreements with major partners. Bullion climbed as much as 1.3% above US$5,170 an ounce, helped by a weaker dollar.
Bloomberg reported that gold prices moved higher amid uncertainty over trade agreements negotiated with the United States.
On Monday morning (February 23, 2026), gold climbed by as much as 1.3% to above US$5,170 an ounce. Trump said on Saturday that he would impose a 15% blanket tariff on imports worldwide to preserve the system of trade protection, after the Supreme Court ruled against his use of emergency powers to set retaliatory tariffs. The dollar’s decline following the ruling made gold cheaper for many buyers.
The court decision has also created uncertainty over agreements the US has negotiated with key trading partners. The chair of the European Parliament’s trade committee said he would propose delaying ratification of an agreement with Washington until there is greater clarity. Indian officials are set to postpone a trip to the US, while a member of Japan’s ruling party called the situation “a real mess”.
The uncertainty is helping gold recover from an abrupt drop earlier this month. The precious metal has risen over the past three weeks, supported by several long-term factors, including rising geopolitical tensions and investors’ caution towards government bonds and currencies. Those drivers underpinning gold prices remain in place.
Morning price update
Gold was up 0.7% at US$5,144.72 an ounce at 8:25am Singapore time. The Bloomberg Dollar Spot Index fell 0.2% after a 0.2% decline on Friday. Silver rose 2.2% to US$86.47, while platinum and palladium also gained.
