Gold and Silver Gain on Trump Tariff Threats

 

Gold and Silver Gain on Trump Tariff Threats

(Bullion News Network) – Gold and silver prices increased on Monday, extending Friday’s gains in both markets. The spot price of gold gained more than $120 per troy ounce, crossing $5,225/ozt. Silver prices also jumped, with the precious metal adding approximately $3.75/ozt to cross $88.50 per troy ounce. The price action favored silver, driving the gold-silver ratio more than one point lower to 59.23:1. The price run comes during a jump in safe haven demand after U.S. President Donald Trump issued an executive order that would institute a global tariff of 10%. Over the weekend, Trump also claimed that he plans to raise the universal tariff to 15%, although this move has not yet been finalized through a new executive order. Uncertainty drove safe haven assets, including gold and silver, higher to start the trading week. 

Wall Street reacted negatively to the uncertainty. The Dow notched its worst daily performance in over a month on the news, and both the S&P 500 and the Nasdaq composite pulled back as traders priced in another round of historic tariffs from the Trump administration. Gold and silver both logged their fourth consecutive gains, moving inversely to the stock market as traders pivoted toward safe haven assets ahead of another round of tariff talks between the U.S. and many of its allies abroad.

Trump’s global tariff hike came just hours after the Supreme Court issued a decision striking down some of the American president’s tariffs, which have become a cornerstone of his economic and foreign policy. In a Truth Social post on Monday morning, Trump railed against the conservative-majority Supreme Court following the decision.

The supreme court (will be using lower case letters for a while based on a complete lack of respect!) of the United States accidentally and unwittingly gave me, as President of the United States, far more powers and strength than I had prior to their ridiculous, dumb, and very internationally divisive ruling. For one thing, I can use Licenses to do absolutely “terrible” things to foreign countries, especially those countries that have been RIPPING US OFF for many decades, but incomprehensibly, according to the ruling, can’t charge them a License fee – BUT ALL LICENSES CHARGE FEES, why can’t the United States do so?

Trump told reporters later hours after the ruling that he had signed an executive order that would levy a 10% global tariff on all imports, reinstating an April 2025 slate of tariffs that was retracted later that year. The following day, the American leader announced that he would be raising this global tariff to 15%. No executive order relating to a renewed universal tariff has been published by the White House as of Monday evening. Uncertainty surrounding tariffs played an outsized role in driving safe haven asset demand throughout 2025. Gold and silver prices consistently spiked following major tariff announcements, especially in the first half of the year.

This week, traders will hear speeches from several Federal Reserve officials. Next week’s major economic data release will come with the February U.S. economic report, which could play a major role in the FOMC’s decision-making as it prepares for its next meeting in March. Interest rate speculation is expected to play a major role in the precious metals market throughout 2026. Adding to the uncertainty is the ongoing struggle over the confirmation of Kevin Warsh, whom Trump nominated to succeed Jerome Powell as Chair of the Federal Reserve in January. GOP Senator and Banking Committee member Thom Tillis vowed to block any nominee until the Department of Justice’s investigation into Powell is fully resolved. Although the senator recently suggested that a deal to win his vote may be forthcoming, controversy surrounding Warsh’s confirmation in the Senate could drive uncertainty and safe haven demand.

News concerning Trump’s newest round of tariffs will likely dominate news headlines this week. Growing speculation that the U.S. may conduct military strikes in Iran to force the country into a new nuclear deal could also drive demand for safe haven assets like gold and silver.

As Monday comes to a close with both gold and silver sharply higher, this is shaping up to be a busy news week for safe haven investors.