Gold rises as dollar falls on US Supreme Court tariff verdict
Markets currently expect three 25-basis-point rate cuts from the Federal Reserve this year, according to CME’s FedWatch Tool
Published Mon, Feb 23, 2026 · 11:11 AM
[BENGALURU] Gold rose to a more than three-week high on Monday (Feb 23), as the US dollar fell after the US Supreme Court struck down a vast swathe of US President Donald Trump’s tariffs on Friday and as US-Iran tensions simmered.
Spot gold climbed 1.2 per cent to US$5,163.60 per ounce by 10.10 am, hitting a more than three-week high.
US gold futures for April delivery were up 2 per cent at US$5,184.90.
The US dollar fell as traders took the US 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.
The Mainland China market was closed for Chinese New Year holidays, which means low volumes and possibly volatile moves, traders said. Trading is set to resume on Tuesday.
The US 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.
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US Trade Representative Jamieson Greer on Sunday said that none of the countries that have reached trade deals with the US had shared plans to withdraw following the judgment.
US 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.
Iran has indicated it is prepared to make concessions on its nuclear programme in talks with the US in return for the lifting of sanctions and recognition of its right to enrich uranium, as it seeks to avert a US attack.
Spot silver climbed 3.1 per cent to US$87.10 per ounce, a more than two-week high.
Spot platinum rose 1.2 per cent to US$2,182.60 per ounce, while palladium was up 0.5 per cent at US$1,753.75. REUTERS
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