Gold Prices Surge Amid New Trump Tariff Concerns; Russia Cuts Gold Holdings in January
By Peter Nurse, Investing.com — February 22, 2026
Gold prices climbed for the fourth consecutive session on Monday, buoyed by renewed uncertainty following U.S. President Donald Trump’s announcement of fresh global tariffs. The move, combined with a weaker U.S. dollar, has amplified demand for gold as a safe-haven asset amid rising geopolitical and economic concerns.
Gold Edges Higher
At 04:45 ET (09:45 GMT), spot gold rose 0.8% to $5,145.81 per ounce, extending last week’s momentum. Meanwhile, U.S. gold futures advanced 1.7%, trading at $5,166.81 an ounce. Last week, gold surged over 1% amid escalating tensions between the U.S. and Iran that fostered risk-aversion among investors.
Trump Unveils 15% Global Tariffs
Late last week, President Trump declared a 15% tariff on global imports, effective for 150 days, in accordance with Section 122 of U.S. trade law. This tariff marks the maximum allowed following a U.S. Supreme Court ruling that struck down an earlier, more expansive tariff regime. Initially set at 10%, the tariff rate was subsequently increased to 15%.
The tariff announcement unsettled markets, weakening risk appetite and encouraging investors to seek refuge in traditional safe-haven assets such as gold and U.S. Treasury securities. Uncertainty remains high regarding the tariffs’ duration, scope, and potential legal or congressional challenges, fueling market volatility.
Economic Data Underscores Mixed Signals
Adding to the cautious mood, U.S. economic data released last week revealed a slowdown in growth. The country’s gross domestic product expanded at an annualized rate of 1.4% in Q4 2025, a notable deceleration from the previous quarter. Concurrently, inflation remains elevated, with the Personal Consumption Expenditures (PCE) price index—a key Federal Reserve inflation gauge—rising 2.9% year-on-year in December and the core measure around 3.0%, surpassing the Fed’s 2% target.
This combination of slowing growth and persistent inflation has reinforced gold’s attractiveness as both a hedge against economic uncertainty and a store of value.
Russia Reduces Gold Reserves
In another significant development affecting the gold market, Russia disclosed on Friday that its central bank sold part of its gold reserves in January. According to data from the Bank of Russia, the country’s bullion holdings decreased by approximately 300,000 ounces to 74.5 million ounces—the first reduction since October. This comes as gold prices reached record levels during the period.
Other Metals Show Mixed Performance
Silver extended strong gains on Monday, climbing 4.9% to $86.35 per ounce, continuing its upward momentum alongside gold. In contrast, platinum prices dipped 0.5% to $2,165.50 per ounce.
Base metals reflected a mixed picture as well. On the London Metal Exchange, copper futures inched up 0.4% to $12,976.04 per ton, while U.S. copper futures slipped 0.1% to $5.8933 per pound.
Market observers note that while the recent Supreme Court ruling does not impact sector-specific tariffs imposed on national security grounds—such as those on aluminum, steel, and copper—some immediate risks to global trade flows and industrial demand have eased. However, the possibility remains that the administration could introduce alternative trade measures, keeping a lid on upside momentum for metals.
Outlook
The current environment of tariff-related uncertainty, geopolitical tensions, and mixed economic signals continues to support gold’s safe-haven status. Investors keenly monitor upcoming developments, including speeches from Federal Reserve officials and further trade policy updates, that could influence precious metals and overall market sentiment.
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Market Snapshot (As of February 22, 2026):
- Gold Spot: +0.85% to $5,145.81/oz
- Silver: +4.9% to $86.35/oz
- Platinum: -0.5% to $2,165.50/oz
- Copper (LME): +0.4% to $12,976.04/ton
- U.S. Dollar Index: -0.16% to 97.57
This report was contributed by Ayushman Ojha and compiled by Peter Nurse for Investing.com.