Gold rises as dollar falls on US Supreme Court tariff verdict

Gold imitations are seen in this illustration picture taken February 20, 2026. REUTERS/Dado Ruvic/Illustration · Reuters

Reuters

Mon, 23 February 2026 at 11:44 am GMT+9 2 min read

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GC=F

+2.19%

DX-Y.NYB

-0.37%

Feb 23 (Reuters) - Gold rose to a more than three-week high on Monday, as the dollar fell after the U.S. Supreme Court struck down ‌a vast swathe of President Donald Trump’s tariffs on Friday and as ‌U.S.-Iran tensions simmered.

FUNDAMENTALS

• Spot gold climbed 1.2% to $5,163.60 per ounce by 0210 GMT, hitting a more than three-week ​high.

• U.S. gold futures for April delivery were up 2% at $5,184.90.

• The dollar fell as traders took the U.S. Supreme Court’s decision to strike down most of Trump’s tariffs as supportive for global growth, though confusion and risk of conflict in the Middle East ‌kept moves relatively small. [USD/]

• The ⁠Mainland China market was closed for Lunar New year holidays, which means low volumes and possibly volatile moves, traders said. Trading is ⁠set to resume on Tuesday.

• The U.S. Supreme Court’s decision to strike down a large swath of Trump’s tariffs has weakened his ability to threaten and impose tariffs at a ​moment’s ​notice, but it won’t end gnawing uncertainty for ​trade partners or companies.

• U.S. ‌Trade Representative Jamieson Greer on Sunday said none of the countries that have reached trade deals with the U.S. had shared plans to withdraw following the judgment.

• U.S. economic growth slowed more than expected in the fourth quarter, with government spending posting its biggest decline since 1972 because of last year’s shutdown, but steady consumer and business ‌outlays underscored the economy’s resilience.

• Markets currently expect ​three 25-basis-point rate cuts from the Federal Reserve ​this year, according to CME’s FedWatch ​Tool. [FEDWATCH]

• Iran has indicated it is prepared to make concessions on ‌its nuclear programme in talks with the ​U.S. in return ​for the lifting of sanctions and recognition of its right to enrich uranium, as it seeks to avert a U.S. attack.

• Spot silver climbed 3.1% to $87.10 ​per ounce, a more than ‌two-week high.

• Spot platinum rose 1.2% to $2,182.60 per ounce, while palladium was ​up 0.5% at $1,753.75.

DATA/EVENTS (GMT)

0700 Germany Ifo Business Climate, Curr Conditions,

Expectations New Feb

0700 US Factory Orders MM Dec

(Reporting by Ishaan ​Arora in Bengaluru; Editing by Subhranshu Sahu)

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