Gold Surpasses $5,000 as Supreme Court Strikes Down Trump Tariffs

Gold futures (GC=F) topped $5,000 on February 20, 2026, following the U.S. Supreme Court's decision to strike down President Trump's sweeping tariffs and escalating tensions with Iran. The metal rose nearly 2%, pacing for a weekly gain, even as Trump announced a retaliatory 10% global tariff. Year-to-date, gold is up 16%, driven by hedging against currency debasement and expectations of Federal Reserve rate cuts. Goldman Sachs forecasts prices reaching $5,400 per ounce by end-2026, while UBS projects a rise to $6,200 in the coming months, citing fiscal risks and geopolitical volatility.