New Delhi, India – February 23, 2026
Gold and silver prices recorded a sharp surge in India’s bullion market on Monday, following fresh global trade uncertainty linked to tariff measures associated with U.S. President Donald Trump.
According to market data from the All India Sarafa Association, precious metals rose as investors shifted toward safe-haven assets amid volatility triggered by a reported ruling from the Supreme Court of the United States related to tariff policies.
Silver Jumps Over 3%
Silver prices climbed ₹8,000, or 3.03%, rising from ₹2,64,000 to ₹2,72,000 per kilogram (inclusive of taxes) in the national capital. The move marks a three-week high in the domestic market.
Globally, spot silver gained 2.2% to trade at $86.50 per ounce.
Gold Crosses ₹1.62 Lakh
Gold of 99.9% purity advanced ₹3,300, or 2.06%, closing at ₹1,62,800 per 10 grams compared to ₹1,59,500 in the previous session.
In international markets, spot gold climbed nearly 1% to trade around $5,151 per ounce, reflecting strong investor demand.
Tariff Uncertainty Drives Volatility
Market participants cited policy uncertainty after reports that the U.S. Supreme Court rejected tariff-related measures, followed by a renewed announcement increasing global tariff rates from 10% to 15%. Analysts said the developments fueled concerns across asset classes, prompting investors to increase allocations to gold and silver.
Jewelry traders in Delhi noted heightened demand amid fears of prolonged trade tensions and currency pressure.
Long-Term Support Factors
Market observers said additional structural factors may continue to support bullion prices. These include sustained central bank gold purchases, expectations of potential U.S. interest rate adjustments, geopolitical risks, and slowing global economic growth.
Analysts added that continued pressure on the U.S. dollar could further strengthen precious metals in the near to medium term.
