Gold and Silver Rally as Donald Trump Tariff Policies Fuel Safe-Haven Demand
The precious metals market is experiencing a significant upswing, with gold and silver prices surging amid renewed safe-haven buying. On February 23, 2026, gold hit $2,450 per ounce, up 5% week-over-week, while silver climbed to $32, marking a 7% gain. This rally is largely attributed to President Donald Trump's aggressive tariff policies, reintroduced after his 2024 reelection, which are stoking fears of global trade wars.
Trump's administration has imposed 25% tariffs on imports from China and the EU, aiming to bolster domestic manufacturing but risking retaliatory measures and supply chain inflation. Investors are flocking to gold and silver as non-correlated assets that preserve value during economic uncertainty. "Tariffs are inflationary by nature, eroding purchasing power and driving demand for hard assets," noted analysts at JPMorgan.
Silver's outperformance stems from its dual role as an industrial metal, with demand rising in solar panels and electronics amid the green energy push. Meanwhile, central banks, including those in India and Russia, continue stockpiling gold, adding to the bullish momentum. However, some experts caution that if tariffs lead to a stronger U.S. dollar, it could cap gains, as precious metals are priced in dollars.
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Gold and Silver Rally as Donald Trump Tariff Policies Fuel Safe-Haven Demand
The precious metals market is experiencing a significant upswing, with gold and silver prices surging amid renewed safe-haven buying. On February 23, 2026, gold hit $2,450 per ounce, up 5% week-over-week, while silver climbed to $32, marking a 7% gain. This rally is largely attributed to President Donald Trump's aggressive tariff policies, reintroduced after his 2024 reelection, which are stoking fears of global trade wars.
Trump's administration has imposed 25% tariffs on imports from China and the EU, aiming to bolster domestic manufacturing but risking retaliatory measures and supply chain inflation. Investors are flocking to gold and silver as non-correlated assets that preserve value during economic uncertainty. "Tariffs are inflationary by nature, eroding purchasing power and driving demand for hard assets," noted analysts at JPMorgan.
Silver's outperformance stems from its dual role as an industrial metal, with demand rising in solar panels and electronics amid the green energy push. Meanwhile, central banks, including those in India and Russia, continue stockpiling gold, adding to the bullish momentum. However, some experts caution that if tariffs lead to a stronger U.S. dollar, it could cap gains, as precious metals are priced in dollars.
For retail investors, exchange-traded funds (ETFs) like GLD and SLV offer accessible entry points. As geopolitical risks mount—from Middle East conflicts to U.S.-China tensions—the rally in gold and silver highlights their enduring appeal as portfolio stabilizers in a tariff-driven world.
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