Precious metals experienced a significant rally on Monday, February 23, 2026, driven by a dramatic shift in U.S. trade policy and a weakening dollar. Silver led the charge with a massive gain of ₹25,000 per kg in domestic markets, while gold prices surged by ₹3,362 per 10 gm. The primary catalyst was a U.S. Supreme Court ruling that struck down President Trump’s sweeping "emergency" tariffs. In response, the President immediately announced a new global tariff of 15% under a different legal statute. This "tariff chaos" has triggered intense market volatility and raised concerns about a widening U.S. budget deficit, which is projected to grow by an additional $2 trillion. International gold prices hit a three-week high, surging as much as 1.3% during early trading to reach $5,176 per ounce. In some markets, spot gold even touched $5,229 per ounce. This represents a recovery of over $100 from recent lows, fueled by investors seeking safety as global trade tensions escalate. Silver followed gold’s momentum with an explosive 9% single-day rally. Domestic silver prices in India reclaimed the ₹3,00,000 per kg mark. Globally, silver rose nearly 4% to hit a two-week high of approximately $88 per ounce, balancing its role as both a safe-haven asset and a critical industrial metal for the AI and solar sectors. The U.S. dollar index weakened to 97.8 following the court decision, providing further tailwinds for bullion. Additionally, poor U.S. economic data—including a sharp slowdown in GDP growth to 1.4%—has increased expectations that the Federal Reserve may be forced to cut interest rates more aggressively to stabilize the economy. Geopolitical risks are adding to the upward pressure. Markets are closely monitoring military build-ups in the Middle East and the upcoming nuclear negotiations in Geneva. Analysts note that the combination of trade protectionism, slowing economic growth, and regional instability is creating a strong bullish environment for precious metals. Institutional demand remains robust, with central banks expected to purchase over 755 tonnes of gold in 2026. Experts suggest that if the current trade uncertainty persists, gold could maintain its trajectory toward a baseline target of $5,400 per ounce, while silver remains positioned for high volatility as markets react to the immediate implementation of the new 15% global surcharge.