Silver Surges 9%, Gold Also Rises Amid Tariff Ruling And Iran Tensions

Forbes Business

by Conor Murray, Forbes Staff

February 20, 2026

AI-Generated Deep Dive Summary

Silver prices surged by an impressive 9%, while gold also saw significant gains, as markets reacted to two major developments: the Supreme Court’s ruling against President Donald Trump’s global tariffs and escalating tensions with Iran. The court’s decision to strike down the tariffs dealt a major blow to Trump’s economic agenda, which had sought to use tariffs as a tool for negotiations in trade disputes. This ruling has created uncertainty in global markets, leading investors to seek safe-haven assets like gold and silver. The tariffs, which were implemented on various imports, including steel and aluminum, had been a cornerstone of Trump’s “America First” policy. However, the Supreme Court’s decision effectively invalidated these measures, leaving the administration with limited options for enforcing similar trade restrictions in the future. The ruling has also raised questions about the future of U.S. trade policy under the current administration. Meanwhile, tensions between the United States and Iran have further contributed to market volatility. Ongoing concerns over regional stability and potential escalations have fueled demand for precious metals, as investors look for ways to hedge against geopolitical risks. This combination of factors has created a challenging environment for businesses and policymakers, as they navigate the shifting landscape of international

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Originally published on Forbes Business on 2/20/2026