Dollar Weakens, Gold Surges on US Trade Policy Concerns

Investors shift to safe-haven assets amid uncertainty over tariffs and geopolitical risks

Published on Feb. 23, 2026

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The US dollar index fell 0.25% as investors grew concerned that foreign investors may shy away from dollar assets after President Trump signed an executive order raising global tariffs from 10% to 15%. This boosted demand for safe-haven assets like gold, which soared over 2.6%. The move came amid broader uncertainty over US trade policies, geopolitical risks, and the Federal Reserve's monetary policy outlook.

Why it matters

The dollar's decline and gold's surge reflect growing investor unease about the direction of US trade and economic policies under the Trump administration. Heightened geopolitical tensions and uncertainty around the Fed's next moves are also driving a shift toward safe-haven assets like precious metals. These market movements could have broader implications for the US economy, global trade, and the relative strength of the dollar.

The details

The US dollar index fell 0.25% as investors grew concerned that foreign investors may shy away from dollar assets after President Trump signed an executive order raising global tariffs from 10% to 15%. This boosted demand for safe-haven assets like gold, which soared over 2.6% to a 3-week high. Silver prices also jumped 5.6% to a 2-week high. The moves came amid broader uncertainty over US trade policies, geopolitical risks in the Middle East and elsewhere, and the Federal Reserve's monetary policy outlook.

  • On February 23, 2026, President Trump signed an executive order raising global tariffs from 10% to 15%.
  • The US Jan Chicago Fed National Activity Index rose to a 9-month high of 0.18 on February 23, 2026.
  • The German Feb IFO business climate survey rose to a 6-month high of 88.6 on February 23, 2026.

The players

President Trump

The President of the United States who signed an executive order raising global tariffs from 10% to 15%.

Christopher Waller

A Federal Reserve Governor who said his decision on whether to support an interest rate cut at the March FOMC meeting will hinge on labor market data for February.

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What they’re saying

“My decision on whether to support an interest rate cut at the March FOMC meeting will hinge on labor market data for February.”

— Christopher Waller, Federal Reserve Governor (nasdaq.com)

What’s next

The judge in the case will decide on Tuesday whether or not to allow Walker Reed Quinn out on bail.

The takeaway

This market reaction highlights growing investor concerns about the direction of US trade and economic policies, as well as broader geopolitical risks. The shift toward safe-haven assets like gold reflects a desire for stability and protection amid heightened uncertainty.