Gold Prices Surge Above $5,200 Amid Tariff Uncertainty and Iran Tensions
February 23, 2026 | 10:13 am | By Staff Writer
Gold prices surged above $5,200 per ounce on Monday, marking the highest level in nearly a month as uncertainties surrounding U.S. trade policies and geopolitical tensions in the Middle East sparked increased investor demand for safe-haven assets.
As of 1 p.m. Eastern Time, spot gold was trading at $5,205.06 per ounce, representing a nearly 2% gain. This rise follows three consecutive weeks of increases for the precious metal. Silver likewise advanced, climbing over 3% to surpass $88 per ounce.
The recent climb in gold prices reflects a recovery from a sharp decline experienced at the beginning of January, fueled by broader long-term factors including escalating geopolitical frictions and cautious investor sentiment toward sovereign bonds and currencies.
Key Drivers Behind the Rally
The uptick in gold prices intensified after former U.S. President Donald Trump announced on Saturday plans to impose a global tariff of 15%. This announcement came shortly after the U.S. Supreme Court ruled against his administration’s use of emergency powers to enact trade duties, adding further unpredictability to U.S. trade policy and driving demand for bullion.
Vasu Menon, a strategist at Oversea-Chinese Banking Corp., noted, “There are enough structural factors in favor of gold in the medium term. However, in the short term, investors should prepare for volatility given the ongoing developments in U.S. trade policy and the sharp recent gains.”
Geopolitical Tensions and Safe-Haven Appeal
Investors are also closely monitoring developments in the Middle East as nuclear negotiations between the United States and Iran reach a critical phase this week. Concerns over a potential escalation, including the possibility of a U.S. military operation, have heightened the metal’s safe-haven appeal.
The confluence of trade policy uncertainty and geopolitical risks has reinforced gold’s status as a protective asset amid periods of market instability. Alongside gold, other commodities such as copper also showed positive movement, with copper prices up 2.81% to $5.962 per pound, reflecting broader market dynamics.
Market Snapshot of Select Commodities (February 23, 2026):
- Gold Spot Price: $5,205.06/oz (+2%)
- Silver: $88+/oz (+3%)
- Copper: $5.962/lb (+2.81%)
- Brent Crude Oil: $71.62/barrel (+0.21%)
- Natural Gas: $2.892/Btu (-0.89%)
Outlook
While gold’s trajectory remains supported by medium-term structural factors such as geopolitical uncertainties and trade tensions, short-term price swings are expected as policymakers and markets navigate unfolding developments.
Investors and traders will continue to watch closely for updates on U.S. trade policy decisions and Middle East diplomatic efforts, both of which remain key variables influencing precious metals and broader market sentiment.
(Reporting with additional insights from Bloomberg)
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