TLDR
- Gold futures rose 0.6% to $5,205.80/oz Wednesday as investors reacted to Trump’s State of the Union address
- Trump defended his tariffs, saying “the deals are all done,” and a new 10% global import tariff took effect Tuesday
- The White House is working to raise that tariff to 15% after the Supreme Court struck down earlier duties
- JP Morgan raised its gold price target to $6,300/oz by end-2026, and its long-term forecast to $4,500/oz
- Silver jumped over 3% to $90.44/oz; platinum surged 7% to $2,340.10/oz
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Gold prices climbed Wednesday morning after Donald Trump used his State of the Union address to double down on tariffs and signal no policy reversal was coming.
Gold futures (GC=F) were up 0.6% to $5,205.80 per ounce. Spot gold gained 0.7% to $5,180.91 an ounce.
The move came after a rough Tuesday, when gold fell 1.6% following four straight sessions of gains.
Trump told Congress Tuesday evening that “the deals are all done,” pushing back on any suggestion he would ease his trade stance. He also took aim at the Supreme Court, calling its intervention in his tariff policy “unfortunate.”
The court struck down Trump’s broad emergency-powers tariffs last Friday. Within hours, the administration announced a new 10% global import tariff using authority under Section 122 of the Trade Act of 1974.
That 10% rate came into effect on Tuesday. The White House is now drafting a formal order to raise it to 15%, according to Bloomberg. Trump floated that higher rate on Saturday but has not yet formally implemented it.
The renewed trade uncertainty pushed investors toward gold as a safe-haven asset.
JP Morgan Sees Gold Hitting $6,300
JP Morgan issued a bullish note on gold Wednesday, raising its end-2026 price target to $6,300 per ounce. The bank also lifted its long-term forecast to $4,500/oz, citing strong demand from central banks and investors.
A slightly weaker U.S. dollar also helped gold on Wednesday, making the metal cheaper for buyers outside the U.S.
However, gold’s gains were kept in check by interest rate expectations. Two Federal Reserve officials signaled Tuesday that they see little reason to change policy any time soon, reinforcing a higher-for-longer rate outlook. That environment tends to weigh on non-yielding assets like gold.
U.S.-Iran nuclear talks are also due to take place Thursday in Geneva, adding another layer of geopolitical uncertainty that traders are watching closely.
Other Metals Also Moving
Silver had a strong session, jumping over 3% to $90.44 per ounce.
Platinum surged 7% to $2,340.10 per ounce.
Copper edged higher too. LME benchmark copper futures rose 0.5% to $13,292.0 a ton. U.S. copper futures gained 0.4% to $6.0162 a pound.
Analysts at ING noted that copper moved back above $13,000 per ton as Chinese market participants returned from Lunar New Year holidays, boosting import demand.
ING added that while early signs of demand recovery are showing, high inventory levels are likely to limit how fast the market tightens.
The next key signal, according to ING, will be whether import arbitrage stays open and leads to sustained stock draws on the London Metal Exchange.
As of Wednesday morning, spot gold was trading at $5,185.90 per ounce, up 0.8%, with U.S. gold futures at $5,203.62/oz.
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