Editor’s Note
This article discusses a sharp rise in gold prices during Sydney morning trading, attributed to shifts in U.S. tariff policy and geopolitical tensions driving safe-haven demand.
This week, global gold prices rose sharply in early morning trading in Sydney, Australia. New developments surrounding U.S. tariff policies and geopolitical tensions have led to renewed inflows of funds into the precious metals market as a safe-haven asset.
In the early morning of February 23, the spot gold price on the Sydney market rose by $88 (1.74%) to reach $5,146.54 per ounce. This increase marks a strong recovery from a volatile trading week from February 16 to 21.
Recently, during the Lunar New Year holiday in Asia, gold prices briefly fell below $4,900 per ounce due to reduced market liquidity, profit-taking pressure, and a strong U.S. dollar. However, demand for safe-haven assets reversed rapidly mid-week as tensions between the U.S. and Iran escalated.
A key factor supporting today’s gold price is the complex political situation in the United States. Following a ruling that President Donald Trump’s sweeping emergency tariffs were illegal and exceeded Supreme Court authority, President Trump immediately announced plans to impose a new 10% global tariff within 150 days based on other legal grounds. Such uncertainty in international trade is providing strong momentum for the rise in gold prices.
A recent survey by Kitco News revealed that bullish sentiment towards gold has recovered in most markets. According to the survey results, 69% of the investors surveyed expect gold prices to rise, 23% expect them to remain flat, and only 8% anticipate a decline.
Goldman Sachs experts maintain their view that gold prices will continue their upward trend, targeting $5,400 per ounce by the end of 2026, based on expectations that central banks will increase gold purchases as the Federal Reserve begins an easing cycle.
This week’s market focus will be on key U.S. economic events such as the February 2026 Consumer Confidence Index and Producer Price Index (PPI). Furthermore, President Trump’s State of the Union address will be scrutinized for clues about his economic and foreign policy direction. Additionally, the resumption of economic activity in China, the world’s largest gold consumer, after the Lunar New Year holiday is expected to further boost physical gold demand.
Following the upward trend in gold, silver prices rose by $4.11 (5%) in early morning trading on February 23 to $86.36 per ounce. In other precious metals markets, platinum prices increased by $32.82 (1.52%) to $2,189.67 per ounce, and palladium prices rose by $6.42 (0.36%) to $1,771.42 per ounce.
In Vietnam, all major gold brands resumed operations today after a nine-day Lunar New Year holiday.