Gold Rally Driven by Supreme Court Ruling and Geopolitical Tensions

Published on February 20, 2026, by Vladimir Zernov, the article discusses the recent surge in gold prices following a significant ruling by the U.S. Supreme Court regarding former President Trump's tariffs. The ruling has implications for the broader market, particularly in precious metals.

Gold Price Movement

Gold (XAU/USD) saw a notable increase as traders focused on the Supreme Court's ruling, which stated that Trump had overstepped his authority in imposing tariffs. This decision has the potential to lead to refunds for importers, estimated at around $170 billion, although the court did not address this issue directly.

The U.S. dollar experienced a slight pullback as traders digested the implications of the ruling. Despite this, the market had somewhat anticipated the decision, which limited the immediate impact on gold prices.

Additionally, geopolitical tensions were heightened by Trump's comments regarding potential military action against Iran, although these did not lead to a significant market rally as they seemed to be already factored into current prices.

Gold has surpassed the critical $5000 level and is approaching resistance at $5100 - $5120. A sustained move above $5120 could lead to further gains towards $5430 - $5450.

Silver and Platinum Performance

Silver prices surged towards the $82.00 level, driven by speculative trading and the favorable gold/silver ratio. If silver can maintain its position above the 50-day moving average at $81.67, it may target resistance levels at $86.00 - $87.00, with a potential psychological barrier at $90.00.

Platinum also gained momentum, climbing above $2100, supported by a broader rally in precious metals and a 3% increase in palladium prices. The Supreme Court's ruling could positively impact the auto industry, a major consumer of platinum, if tariffs are lifted.

Traders are closely monitoring the situation, as any changes in Trump's tariff policy could significantly affect platinum demand and pricing.

Conclusion

The article highlights the interconnectedness of legal decisions, geopolitical events, and market reactions in the precious metals sector. As traders navigate these developments, the potential for further price movements in gold, silver, and platinum remains high, particularly in light of ongoing geopolitical tensions and economic policy changes.