Gold and silver settle higher, with uncertainty over next steps following Trump tariff ruling

2026년 2월 21일 · Unknown · financial · 출처 Seeking Alpha

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Gold and silver futures closed higher Friday after the U.S. Supreme Court struck down [https://seekingalpha.com/news/4554846-gold-reclaims-5000-and-silver-pops-after-as-supreme-court-tariff-ruling] most of President Trump's tariffs, which was followed by the president's announcement of a 10% global tariff for 150 days to replace some of his emergency duties.

Analysts said the uncertainty around next steps the Trump administration could take will support precious metals prices.

"Given that the administration will pursue additional tariffs by other, seemingly more limited and less sweeping, authorizations... the chapter of trade and tariff-related uncertainty likely is not over, even if it is less sweeping and less immediately volatile," RBC Capital's Christopher Louney said in a note.

"In the immediate aftermath of the headlines, the tariff ruling news, coupled with headlines that Russia sold 300K oz of gold, saw prices pare back, but only briefly, and price action thereafter was basically a wash in our view, supporting the idea that this was an expected outcome," according to Louney.

"At this point, gold markets are already in the 'what's next' stage, and we would not write off further trade and tariff uncertainty, even if it is likely set to take different but potentially more diminished forms," the analyst wrote.

Gold and silver were already showing strong gains early Friday following weaker‑than‑expected data on U.S. economic growth, with GDP slowing sharply to a 1.4% annualized rate in Q4, well below economists' forecast of 3%, as the government shutdown and softer consumer spending slowed activity.

Meanwhile, the U.S. Personal Consumption Expenditure index - a key inflation metric watched closely by the Federal Reserve - rose 0.4% in December, above expectations for a 0.3% increase.

The data shows "inflation is still present in the marketplace... but with GDP coming in lower, it suggests the economy is not close to a turning point," RJO Futures market strategist Bob Haberkorn said in a note. "There are still many unknowns and uncertainties around the U.S. economy, and that is supportive for gold."

Front-month Comex gold (XAUUSD:CUR [https://seekingalpha.com/symbol/XAUUSD:CUR]) for February delivery closed +1.74% to $5,059.30/oz, and front-month Comex February silver (XAGUSD:CUR [https://seekingalpha.com/symbol/XAGUSD:CUR]) finished +6.1% to $82.283/oz; for the week, gold edged up 0.7% and silver surged 5.7%.

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