Gold, silver rates today: Gold and silver prices rally up to 5% on Monday, February 23, as investors assess the White House’s potential next moves on tariffs after the US Supreme Court struck down the broad global tariffs imposed by Donald Trump.
Spot gold prices were up 1.61% to $5,160 per ounce, while silver prices climbed 5% to $86 per ounce, during the Asian trading hours on Monday.
What’s driving gold and silver prices today?
The Supreme Court of the United States ruled that Donald Trump had overstepped his authority by using federal emergency powers to implement sweeping “reciprocal” tariffs worldwide, along with targeted import duties, effectively striking down a significant portion of the levies introduced during his second term.
In response, Trump said alternative mechanisms would be deployed to replace the invalidated tariffs. Although the United States Constitution grants Congress the power to impose taxes and duties, lawmakers have delegated limited authority to the executive branch through various statutes.
Trump said he would introduce a 10% global tariff under Section 122 in addition to existing duties, while maintaining that national security tariffs under Section 232 and the current Section 301 measures would remain fully in force.
On the geopolitical front, the US Armed Forces has been positioning substantial assets in the Middle East, with Trump warning that Iran had roughly 10 to 15 days to reach an agreement on its nuclear programme.
A large-scale US strike on Iran—where authorities are already facing concerns over internal stability following widespread unrest—could risk drawing Washington into another major regional conflict, potentially becoming its third such intervention since 1991.
Can gold and silver prices rise further?
According to Hareesh V, Head of Commodity Research, Geojit Investments Limited, a stronger dollar and shifting interest‑rate expectations may temporarily cap sharp gains, persistent or escalating tensions are likely to keep risk‑averse flows elevated, potentially supporting a further rise in gold and silver prices in the coming days.
“Investors typically turn to gold and silver during geopolitical conflicts because these metals preserve value, reduce exposure to market volatility, and serve as trusted hedges when currencies and financial markets face uncertainty,” Hareesh V said.
On the technical outlook of gold prices, Ponmudi R, CEO of Enrich Money, said that the broader uptrend remains intact, with the recent pullback reflecting profit booking and healthy price digestion. Prices have slipped below key moving averages and are now consolidating at those levels, indicating a phase of stabilization after recent weakness.
“Strong buying interest is visible in the $4,500–$4,700 support band, and sustained stability above this zone could set the stage for renewed upside momentum. A breakout above $5,100–$5,200 would open the path toward a retest of record highs,” Ponmudi said.
Meanwhile, on the silver prices outlook, he added that the broader bullish structure remains intact on higher time frames, the steep pullback has pushed prices below key moving averages, indicating short-term bearish pressure and an extended corrective phase.
“Strong buying interest is visible in the $65–$70 support band, aligned with prior swing lows and long-term trend support. A sustained hold above this base, followed by a recovery and close above $85–$92, could revive upside momentum toward $95–$105 and potentially retest previous highs. The medium- to long-term outlook remains constructive, supported by steady industrial demand and structural supply constraints, despite elevated volatility,” Ponmudi said.
Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
