Tariff jitters are pushing gold over $5,100 and powering silver higher
By Barbara Kollmeyer
A poster depicting investment-grade gold bars is seen on a gold dealer's window in Madrid on Jan. 30, 2026. Gold and silver are rising on Monday as investors weigh up U.S. tariff stress.
Gold and silver prices were rising to start the week as investors sought some haven assets in the wake of the U.S. Supreme Court overturning most of President Donald Trump's tariffs.
Gold futures (GC00) rose $90, or 1.7%, to $5,171 an ounce, following its third-straight weekly gain last week, gaining 0.7% to $5,059 an ounce. Gold remains some distance from its 52-week high of $5318.40 reached on Jan. 29.
Silver futures (SI00) gained $4.27, or 5%, to $86.61 an ounce, after its second-straight week of gains. The precious metal closed up around 5.7% last week to $82.28 an ounce.
After the Supreme Court rejected Trump's emergency tariffs last Friday, he responded by immediately announcing 10% global tariffs for up to 120 days, and raised that to 15% on Saturday. U.S. stock futures (ES00) (NQ00) were under pressure on Monday, along with the dollar DXY, which tends to move inversely to gold.
"Trump's swift policy pivot has reignited fears of retaliatory measures, supply-chain disruption and weaker global demand, conditions that traditionally favour non-yielding safe-haven assets like gold," David Morrison, senior market analyst at Trade Nation, told clients in a note.
That's as investors continue to watch nuclear talks between the U.S. and Iran, with a third round expected in Geneva on Thursday.
As for silver, Morrison said investors should tread carefully. "The long side risks have ballooned, particularly since silver broke above $60 back in December. At the same time, given the parabolic upside moves at the end of January, it's not really a market to short either. Any trade in silver requires plenty of nerve and deep pockets," he said.
-Barbara Kollmeyer
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02-23-26 0822ET
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