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Gold holds above $5,000 as Trump's blanket tariffs get struck down, Iran-US tensions in play
Gold holds above $5,000 as Trump’s blanket tariffs get struck down, Iran-US tensions in play
Ines Ferré · Senior Business Reporter
Sat, February 21, 2026 at 4:12 AM GMT+9 1 min read
In this article:
GC=F
+1.67%
Gold (GC=F) topped $5,000 on Friday after the Supreme Court struck down President Trump’s most sweeping tariffs and Wall Street highlighted its bullish call on the precious metal.
Gold rose nearly 2%, on pace for a weekly gain, even as President Trump announced a 10% global tariff following the high court’s ruling.
Geopolitical hedging, concerns about currency debasement, and expectations of Fed policy easing have all contributed to the steady demand for bullion.
Even with a significant drawdown at the end of last month, gold is up 16% since the start of January, following a historic gain last year.
Goldman Sachs analysts maintain that while structural purchases from central banks have slowed recently, they expect them to reaccelerate, with demand also stemming from the private sector if the Federal Reserve cuts rates this year.
“Taken together, these two factors drive gold to slowly grind higher to $5,400/toz by end-2026,” they said.
Additional private-sector diversification over perceived fiscal risks in Western countries could send prices even higher, the analysts said.
COMEX - Delayed Quote • USD
(GC=F)
5,080.90 +83.50 (+1.67%)
As of February 20 at 4:59:59 PM EST. Market Open.
Advanced Chart
_Read more: _How to invest in gold in 4 steps
Rising geopolitical tensions between the US and Iran sent prices higher this week, with President Trump stating he will decide within 10 days on whether to strike Iran over its nuclear program.
“While geopolitical events do not tend to have a lasting impact on global markets, they can trigger temporary spikes in volatility, supporting demand for portfolio hedges like gold,” UBS analysts wrote on Friday.
The firm forecasts the precious metal could reach $6,200 per ounce in the coming months “as the key drivers underpinning its strong rally remain in place.”
Oliver Helbig via Getty Images
Ines Ferre is a senior business reporter for Yahoo Finance. Follow her on X at @ines_ferre.
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