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Monday, February 23, 2026
What’s happening: Gold prices surged this morning after US President Donald Trump announced plans to increase tariffs on all nations.
What happened: Over the weekend, Trump first announced a 10% tariff rate globally and then raised it to 15%, after the US Supreme Court ruled the tariffs illegal.
Weakness in the US dollar provided a further boost to gold prices this morning.
Why it matters: The US Supreme Court declared Trump’s tariffs, which were imposed under the International Emergency Economic Powers Act, as illegal. The 6-3 decision by the court ruled that Trump had overstepped his authority under that law.
The decision provoked a furious response from the US President, who said that there were “other alternatives” to pursue tariffs.
Trump said that the new tariffs would come into effect immediately, although it remains unclear whether any official document has been signed by him for the same.
Meanwhile, Europe’s trade commissioner proposed to suspend ratification of the trade deal with the US. India has also delayed talks with the US to finalise an interim trade agreement.
There were also concerns around potential US military strike on Iran, with nuclear talks remaining stalled.
Weakness in the US dollar lent further support to gold prices, as a softer greenback makes metals cheaper for foreign currency holders. The US dollar index, which measures the greenback’s performance versus a basket of major peers, fell 0.4% to 97.41 this morning.
Spot prices for gold rose 1.1% to $5,161.36 an ounce this morning.
In other metals trading, silver prices jumped 3.4% to $87.5205 an ounce, platinum climbed 1.2% to $2,185.90 and palladium rose 0.4% to trade at $1,764.64 this morning.
What to watch: Investors will continue monitoring tariff announcements from the US. Markets will also keep an eye on the response from US trading partners on the higher tariffs by Trump.
Other geopolitical concerns as well as movements in the US dollar will also remain in focus.
Context: The Canadian dollar gained against the US dollar this morning as investors digested the latest economic data.
Details: Data released on Friday showed that Canada’s producer prices jumped 2.7% in January following a 0.9% decline in the previous month. The figure also exceeded market estimates of 0.2%. The latest rise in prices was driven mainly by an 18.2% surge in primary non-ferrous metal products.
Canada’s Raw Materials Price Index surged 7.7% in January, accelerating from the previous month’s 0.5% rise. Canada’s retail sales rose 1.5% in January, compared to a 0.4% decline in the previous month.
Investors also responded to the US Supreme Court ruling US President’s tariffs as illegal and Trump announcing higher global tariffs.
Weakness in the US dollar lent support to the Canadian currency this morning. The US dollar index, which measures the greenback’s performance versus a basket of major peers, fell 0.4% to 97.41.
However, lower prices of crude oil, one of Canada’s major exports, weighed on the loonie. Spot prices for WTI crude oil fell around 0.7% to trade at $65.84 a barrel this morning.
The USD/CAD pair fell around 0.1% to 1.3670 this morning.
What to watch: Investors await data on wholesale sales, due to be released on Wednesday, and GDP growth rate, scheduled for Friday. Canada’s wholesale trade, which climbed by 2% to C$86.1 billion in December, are projected to rise by 0.3% in January.
Canada’s GDP, which expanded by 0.6% in the third quarter, compared to a 0.5% decline in the previous period, is expected to contract by 0.1% in the fourth quarter.
Other Markets: European indices closed higher on Friday, with the FTSE 100, DAX 40, ACC 40 and STOXX Europe 600 Index up by 0.56%, 0.87%, 1.39% and 0.84%, respectively.
Russia’s military forces announced an attack on Kyiv and the region surrounding the capital. The news sent the USD/RUB pair lower in forex trading this morning.
New Zealand’s retail sales climbed 0.9% in the fourth quarter, easing from 1.9% in the previous quarter. The latest reading topping market estimates of 0.6% lent support to the NZD/USD forex pair.
India’s infrastructure output rose by 4.0% year-over-year in January, decelerating from the previous month’s 4.7%, which sent the USD/INR pair higher in forex trading this morning.
Mexico’s retail sales rose 4.3% year-over-year in December, slowing from November’s 4.4% surge, which lent support to the USD/MXN forex pair.
UK’s S&P Global manufacturing PMI surged to 52.0 in February from 51.8 in the previous month. The latest reading topping market expectations of 51.5 sent the GBP/USD pair higher in forex trading this morning.
Germany’s Ifo business climate (1300 UAE Time), Ifo current conditions (1300 UAE Time) and Ifo expectations (1300 UAE Time), Italy’s inflation rate (1300 UAE Time), Brazil’s FGV consumer confidence (1500 UAE Time), Eurozone’s GDP growth rate (1600 UAE Time) as well as US Chicago Fed national activity index (1730 UAE Time), factory orders (1900 UAE Time) and Dallas Fed manufacturing index (1930 UAE Time).
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