New York, Feb 23, 2026, 12:29 PM EST — Regular session
- Spot gold jumped roughly 2%, hitting a three-week high. U.S. April futures moved higher as well.
- Fresh uncertainty over U.S. tariffs followed a Supreme Court ruling, traders said.
- Eyes are on Fed signals, with the February jobs report set for March 6.
Gold was firmly higher on Monday, with spot prices jumping 1.8% to $5,198.72 an ounce as of 11:11 a.m. ET, driven in part by renewed tariff jitters linked to U.S. President Donald Trump. April U.S. gold futures added 2.7%, settling at $5,219. Spot gold earlier peaked at its strongest level since Jan. 30, just after reaching a record $5,594.82 on Jan. 29.
The tariff shift rattled risk sentiment, sending U.S. equities lower and pushing Treasury yields down. Both moves typically work in gold’s favor, as the metal doesn’t deliver interest and stacks up better when yields ease. The 10-year benchmark yield dropped 2.7 basis points to 4.056%, with the Dow losing 1.44%.
The weaker dollar gave bullion a boost, making it more attractive for buyers using other currencies. Because gold is priced in dollars, a softer greenback tends to push demand higher abroad. “Concerns or confusion” over tariffs also played a part in driving the rebound for both gold and silver, according to independent analyst Ross Norman. Spot silver climbed 2.6% to $86.73 an ounce; platinum inched up to $2,163.64, and palladium moved higher to $1,779.81, the report noted. Zawya
Tariffs are still a tangle. Trump plans a 15% temporary tariff on all U.S. imports, but traders haven’t pinned down the rollout, carve-outs, or potential blowback. It’s this muddle—not any single statistic—that’s been driving gold’s moves.
Bullion traders remain focused on the outlook for rates. Gold tends to struggle when interest rates are high, as cash and bonds get more attractive; lower yields, though, flip that dynamic. Friday’s U.S. data on inflation and growth kept rate expectations unsettled in trading rooms, while tariff news took center stage Monday.
Now, the focus shifts to Federal Reserve signals. Fed Governor Christopher Waller called January’s job numbers “a surprise to the upside,” adding that if February’s figures back up that strength, his stance “may tilt toward a pause” at the March meeting. The February employment data land on March 6, a little over a week before the Fed gathers on March 17–18. Reuters
Traders pointed out that liquidity remains patchy across Asia, as some markets are still emerging from the Lunar New Year break. With fewer participants, price swings may get amplified when normal trading resumes.
Gold’s reputation as a safe haven isn’t complicated—investors tend to move into it if they sense policy jolts, war threats, or growth taking a sudden dive, expecting it to hold its value. Still, that doesn’t mean the direction is set. It shifts the focus to whatever the market decides matters next.
Bulls face clear pitfalls here. Should Washington move fast to clarify the tariff regime, that could steady risk assets and send yields higher—potentially reversing some of Monday’s defensive flows. Quick profit-taking might also kick in after such a sharp move, especially if the dollar strengthens.
Looking ahead, investors are watching for a string of Fed speakers this week, along with potential tariff updates out of the White House. The real test for rates comes March 6, when the February U.S. jobs report lands.
