Strong rallies in gold, silver on haven demand, weak U.S. data

(Kitco News, Mon. Feb. 23rd, 2026) – Gold and silver prices are holding big gains and near their daily highs near midday Monday, with gold scoring a three-week high and silver a two-week high. Safe-haven demand is featured as the new U.S. tariff regime has thrown new uncertainty into the marketplace—at a time when traders and investors are also uneasy about U.S.-Iran tensions. The sharp gains were extended to strong gains following the morning release of some weak U.S. economic data. April gold was last up $139.30 at $5,220.00. March silver prices were up $4.48 at $86.81.

President Trump said he will increase the global 10% tariff to 15%, effective immediately, in a social-media post on Saturday. “Trump is rushing to preserve his trade agenda following the U.S. Supreme Court’s ruling that his use of an emergency-powers law to impose tariffs was illegal. The president’s efforts to restore and maintain the tariffs will be subjected to fresh legal challenges, and he will face lawmakers on Tuesday as he delivers the State of the Union address to Congress in Washington,” said a Bloomberg report. Meantime the European Union is poised to freeze the ratification process of its trade deal with the U.S. and is seeking more details from the Trump administration on its new tariff program. Indian trade officials will postpone a trip to the U.S. aimed at finalizing their interim deal after the Supreme Court ruling. Chinese President Xi Jinping got a boost in bargaining power after the Supreme Court ruling on Friday. “The removal of tariff threats will make it harder for Trump to press Xi for larger purchases of certain products and leaves him without a key weapon to strike back if Chinese negotiators make fresh demands,” Bloomberg said.

This morning’s report on December U.S. factory orders came in down 0.7% versus expectations for up 0.2%, month-on-month. The report fell into the camp of the U.S. monetary policy doves, who want the Federal Reserve to lower interest rates more aggressively. The U.S. dollar index weakened after the report.

The U.S. and Iran are set to resume negotiations this week over Iran’s nuclear program against a backdrop of massed U.S. military forces in the Middle East. The next round of talks in Geneva is slated for Thursday. Iranian Foreign Minister Abbas Araghchi told CBS on Sunday he saw a “good chance” of a diplomatic solution to the standoff over his country’s nuclear program, while reiterating Tehran won’t be pressured by the U.S. military buildup. Concerns about a Middle East conflict, coupled with several supply disruptions, have driven crude oil prices higher despite broad expectations for a global supply glut. A potential war would put shipments at risk in the Strait of Hormuz – the choke point for exports from the world’s top oil-producing region.

The key outside markets today see the U.S. dollar index weaker down, with crude oil prices firmer and trading around $67.00 a barrel. The yield on the benchmark 10-year U.S. Treasury note is presently 4.03 percent.

Note: The gold market operates through two primary pricing mechanisms. The first is the spot market, which quotes prices for on-the-spot purchase and immediate delivery. The second is the futures market, which sets prices for delivery at a future date. Due to year-end positioning market liquidity, the December gold futures contract is currently the most actively traded on the CME.

April gold futures bulls’ next upside price objective is to produce a close above solid resistance at $5,400.00. Bears’ next near-term downside price objective is pushing futures prices below solid technical support at $4,854.20. First resistance is seen $5,300.00 and then at $5,400.00. First support is seen at the overnight low of $5,120.40 and then at $5,100.00.

March silver futures bulls’ next upside price objective is closing prices above solid technical resistance at $90.00. The next downside price objective for the bears is closing prices below solid support at the February low of $71.815. First resistance is seen at $88.00 and then at $90.00. Next support is seen at the overnight low of $84.56 and then at $83.00

Posted by:

Jack Dempsey, President

401 gold Consultants LLC

jdemp2003@gmail.com