Safe-haven buying drove a sharp rise in gold and silver prices.
2026-02-23 22:24:22
Gold and silver prices surged in early trading on Monday (February 23), with gold hitting a three-week high and silver reaching a two-week high. New US tariffs added uncertainty to the market, while traders and investors remained concerned about US-Iran tensions, highlighting safe-haven buying demand for the two precious metals. April gold futures rose $98.40 to $5179.30, while March silver futures rose $3.902 to $86.245.
After the Supreme Court rejected the tariff policy, Trump announced new tariffs.
President Trump announced on social media last Saturday that he would raise global tariffs from 10% to 15%, effective immediately. Reports indicate that "after the U.S. Supreme Court ruled that Trump's invocation of emergency powers to impose tariffs was unconstitutional, he is scrambling to maintain his trade agenda. The president's attempt to reinstate and maintain tariffs will face new legal challenges, and he will also have to address Congress on Tuesday in Washington, where he will have to face members of Congress directly."
President Trump announced that the U.S. would impose tariffs on foreign goods, but the White House later clarified that many goods shipped under the U.S.-Mexico-Canada Agreement (USMCA) remain exempt from tariffs. A Bloomberg headline over the weekend read: "Tariff Policy Loses, Trump's Cherished Negotiation Advantage Shaken."
Meanwhile, U.S. Trade Representative Jamison Greer stated that despite the Supreme Court's ruling, bilateral agreements between the U.S. and its trading partners, including China, the EU, and South Korea, remain valid. However, the EU is prepared to freeze the ratification process for the U.S.-EU trade agreement and is demanding more details from the Trump administration regarding its new tariff policies. Major political groups in the European Parliament have indicated they will suspend legislative approval of the trade agreement.
Following the Supreme Court ruling, Indian trade officials have postponed their trip to the United States to finalize a provisional trade agreement. According to informed officials in New Delhi, the negotiations, originally scheduled for this week, will be restarted at a later date.
China's negotiating leverage was boosted following Friday's Supreme Court ruling. Bloomberg noted, "The removal of the tariff threat makes it more difficult for Trump to pressure China to increase purchases of specific products; if Chinese negotiators raise new demands, Trump will also lose this key countermeasure."
The US and Iran will restart nuclear negotiations.
Amid a massive US troop buildup in the Middle East, the US and Iran are scheduled to resume talks on the Iranian nuclear issue this week, with the next round of negotiations to be held in Geneva on Thursday. Iranian Foreign Minister Abbas Araqchi, in an interview with CBS on Sunday, stated that there is a "good possibility" of resolving the deadlock on the Iranian nuclear issue through diplomatic means, while reiterating that Tehran will not succumb to the US military buildup.
Despite widespread market expectations of a global crude oil supply glut, concerns about conflict in the Middle East, coupled with multiple supply disruptions, have driven up crude oil prices. The Strait of Hormuz, a crucial export route for major global oil-producing regions, would face significant risks to oil transport in the event of war.
Key data from external markets
In today's external markets, the US dollar index fell slightly, crude oil prices remained relatively stable, currently trading at around $66.50 per barrel; the yield on the benchmark 10-year US Treasury bond is currently at 4.07%.
Technical Analysis
(COMEX Gold Daily Chart Source: FX678)
The next upside target for April gold futures bulls is a close above the key resistance level of $5400.00; the short-term downside target for bears is to push futures prices below the important technical support level of $4854.20. The first resistance level is seen at the overnight high of $5198.80, with further resistance at $5250.00; the first support level is the overnight low of $5120.40, with further support at $5100.00.
(COMEX silver daily chart source: FX678)
For March silver futures, the upside target for bulls is a close above the key technical resistance level of $90.00; the downside target for bears is to push prices below the important support level of $71.815, the February low. The first resistance level is seen at $88.00, with further resistance at $90.00; the first support level is the overnight low of $84.56, followed by support at $83.00.
After the Supreme Court rejected the tariff policy, Trump announced new tariffs.
President Trump announced on social media last Saturday that he would raise global tariffs from 10% to 15%, effective immediately. Reports indicate that "after the U.S. Supreme Court ruled that Trump's invocation of emergency powers to impose tariffs was unconstitutional, he is scrambling to maintain his trade agenda. The president's attempt to reinstate and maintain tariffs will face new legal challenges, and he will also have to address Congress on Tuesday in Washington, where he will have to face members of Congress directly."
President Trump announced that the U.S. would impose tariffs on foreign goods, but the White House later clarified that many goods shipped under the U.S.-Mexico-Canada Agreement (USMCA) remain exempt from tariffs. A Bloomberg headline over the weekend read: "Tariff Policy Loses, Trump's Cherished Negotiation Advantage Shaken."
Meanwhile, U.S. Trade Representative Jamison Greer stated that despite the Supreme Court's ruling, bilateral agreements between the U.S. and its trading partners, including China, the EU, and South Korea, remain valid. However, the EU is prepared to freeze the ratification process for the U.S.-EU trade agreement and is demanding more details from the Trump administration regarding its new tariff policies. Major political groups in the European Parliament have indicated they will suspend legislative approval of the trade agreement.
Following the Supreme Court ruling, Indian trade officials have postponed their trip to the United States to finalize a provisional trade agreement. According to informed officials in New Delhi, the negotiations, originally scheduled for this week, will be restarted at a later date.
China's negotiating leverage was boosted following Friday's Supreme Court ruling. Bloomberg noted, "The removal of the tariff threat makes it more difficult for Trump to pressure China to increase purchases of specific products; if Chinese negotiators raise new demands, Trump will also lose this key countermeasure."
The US and Iran will restart nuclear negotiations.
Amid a massive US troop buildup in the Middle East, the US and Iran are scheduled to resume talks on the Iranian nuclear issue this week, with the next round of negotiations to be held in Geneva on Thursday. Iranian Foreign Minister Abbas Araqchi, in an interview with CBS on Sunday, stated that there is a "good possibility" of resolving the deadlock on the Iranian nuclear issue through diplomatic means, while reiterating that Tehran will not succumb to the US military buildup.
Despite widespread market expectations of a global crude oil supply glut, concerns about conflict in the Middle East, coupled with multiple supply disruptions, have driven up crude oil prices. The Strait of Hormuz, a crucial export route for major global oil-producing regions, would face significant risks to oil transport in the event of war.
Key data from external markets
In today's external markets, the US dollar index fell slightly, crude oil prices remained relatively stable, currently trading at around $66.50 per barrel; the yield on the benchmark 10-year US Treasury bond is currently at 4.07%.
Technical Analysis
(COMEX Gold Daily Chart Source: FX678)
The next upside target for April gold futures bulls is a close above the key resistance level of $5400.00; the short-term downside target for bears is to push futures prices below the important technical support level of $4854.20. The first resistance level is seen at the overnight high of $5198.80, with further resistance at $5250.00; the first support level is the overnight low of $5120.40, with further support at $5100.00.
(COMEX silver daily chart source: FX678)
For March silver futures, the upside target for bulls is a close above the key technical resistance level of $90.00; the downside target for bears is to push prices below the important support level of $71.815, the February low. The first resistance level is seen at $88.00, with further resistance at $90.00; the first support level is the overnight low of $84.56, followed by support at $83.00.
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