Gold Prices Hit Three-Week High as US Dollar Weakens After Supreme Court Ruling
Gold prices climbed to their highest level in more than three weeks on Monday (February 23, 2026), supported by a weaker US dollar and renewed geopolitical concerns.
Gold Surges Following US Supreme Court Decision
Spot gold rose 1.2% to US$5,163.60 per ounce at 02:10 local time, marking its strongest level in over three weeks. Meanwhile, US gold futures for April delivery jumped 2% to US$5,184.90 per ounce.
The rally followed a major ruling by the Supreme Court of the United States, which overturned most of the tariffs previously imposed by Donald Trump. The decision weighed on the US dollar, making gold more attractive to global investors.
Market analysts noted that the court’s ruling is viewed as supportive of global economic growth. However, lingering uncertainty surrounding trade policies and geopolitical tensions has limited broader market momentum.
US Dollar Weakness Supports Safe-Haven Demand
The softer dollar boosted demand for gold, traditionally considered a safe-haven asset during periods of economic and political uncertainty. At the same time, tensions between the United States and Iran remain in focus, adding another layer of caution to financial markets.
Iran signaled its willingness to make concessions regarding its nuclear program in talks with Washington. In exchange, Tehran is seeking sanctions relief and recognition of its uranium enrichment rights, aiming to prevent potential US military action.
Low Trading Volume Amid Lunar New Year Holiday
Trading activity remained relatively thin as mainland China’s markets were closed for the Lunar New Year holiday. Lower liquidity conditions may contribute to higher volatility once trading resumes on Tuesday.
US Economic Data and Federal Reserve Outlook
On the domestic front, US economic growth slowed more than expected in the fourth quarter. Government spending posted its largest decline since 1972 due to last year’s government shutdown.
Despite this slowdown, consumer and business spending remained stable, reflecting underlying economic resilience.
Markets are currently pricing in three potential interest rate cuts from the Federal Reserve this year, each by 25 basis points. Expectations of lower interest rates typically provide additional support for gold prices.
Other Precious Metals Also Advance
Other precious metals also recorded gains:
Spot silver rose 3.1% to US$87.10 per ounce
Platinum gained 1.2% to US$2,182.60 per ounce
Palladium increased 0.5% to US$1,753.75 per ounce
Key Economic Data to Watch
Investors are now monitoring several key economic releases, including Germany’s Ifo Business Climate Index for February and US factory orders data for December, both of which could influence short-term market direction.