New York, February 23, 2026, 16:23 EST — After-hours
Gold jumped over 2% Monday, climbing to a three-week high as investors moved into bullion on renewed tariff worries and a weaker dollar.
By 1:33 p.m. ET, spot gold had gained 2% to $5,206.39 an ounce, while April U.S. gold futures finished up 2.8% at $5,225.60. Earlier, the metal hit a record $5,594.82 on Jan. 29. Silver surged 3.2% to $87.23. Platinum dropped 0.7% to $2,140.75, and palladium edged up 0.1% to $1,750.53. “Our expectation is that gold prices could rise sharply this week once activity picks up,” said Jeffrey Christian, managing partner at CPM Group, pointing to mainland China’s reopening on Tuesday after the Lunar New Year holiday. Reuters
Policy risk has stopped being just a talking point; it’s now real. The U.S. Supreme Court threw out President Donald Trump’s emergency tariffs, prompting Trump to roll out a new temporary import tariff through a different statute—leaving traders scrambling to figure out potential carve-outs and the overall reach. The fresh 15% levy kicks in at 12:01 a.m. EST on Tuesday. U.S. Customs and Border Protection, for its part, will halt collection of the struck-down tariffs at that same moment.
Tariffs are about rates just as much as they’re about trade for markets. Slap a broad import levy on, and inflation shifts—growth, too. That ricochets into the dollar, shaping how investors think about the Fed’s next move.
Gold carries the “safe-haven” label, drawing buyers when nerves set in. The metal usually outperforms in low-rate environments, since bullion itself doesn’t offer any yield.
There was a defensive edge to Monday’s surge. Gold tends to be the go-to hedge when stocks jolt and headlines get volatile.
Fresh commentary from the Fed is circulating. Federal Reserve Governor Christopher Waller signaled he’s willing to keep rates steady at the next March meeting, depending on whether February’s jobs data indicate a stronger labor market. That February employment report lands March 6, just before the Fed gathers March 17-18.
Gold’s moves at these levels can be abrupt. Should tariffs face a delay, get trimmed, or exemptions kick in, that safe-haven premium could vanish as swiftly as it appeared.
A stronger dollar would hit as well. Gold gets pricier for euro, yen, or yuan buyers when the greenback climbs—even if the metal’s price barely budges in dollar terms.
Tuesday brings the U.S. consumer confidence reading at 10 a.m. ET—a quick pulse-check for traders watching jobs and spending trends. The Conference Board Over in bonds: Treasury auctions kick off with 2-year notes Tuesday, 5-years hitting the block Wednesday, and 7-years set for Thursday. These can nudge yields, which in turn shape the case for bullion.
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