New York, February 23, 2026, 16:26 EST — After-hours
- Spot silver jumped 4.76% to $88.68 an ounce in late U.S. hours, swinging between $84.65 and $89.04.
- Investors flocked to safe-haven assets amid renewed tariff worries, and U.S. yields slipped.
- Investors are eyeing the midnight rollout of the 15% import duty, with fresh U.S. confidence numbers and the upcoming jobs data also on the radar.
Silver surged Monday, spot prices jumping 4.76% to $88.68 an ounce in late U.S. hours, Investing.com data showed.
This shift packs a punch—politics driving the action and the timing razor-close. With Washington swapping out court-stalled duties for a temporary global tariff due to hit right after midnight, risk skitters. Silver, historically quick to react, is already pulling in those jittery flows.
Lower bond yields added support as well. With Treasury yields slipping, metals—which don’t offer interest—become a bit more attractive. The 10-year yield hovered near 4.03% in afternoon trading.
Trump announced that the U.S. will impose a 15% temporary tariff on imports from every country, invoking Section 122 of the Trade Act, following a Supreme Court ruling that invalidated his previous emergency tariffs. Reuters reported the new tariff will kick in at 12:01 a.m. EST on Tuesday.
Gold climbed together with silver earlier, tracking a drop in stocks—a familiar “risk-off” move, with investors pulling back from equities and shifting into what they consider safer bets when things get turbulent. Reuters
“We are giving up roughly half of Friday’s gain … reminding us that uncertainty remains high,” said Mark Hackett, chief market strategist at Nationwide, in a separate Reuters markets report. Reuters
Currency shifts have played a role here. According to ING, the dollar’s safe-haven appeal has “lost a chunk” since 2024, though the bank maintains that global demand for dollar assets hasn’t seen a widespread drop. Reuters
Traders are watching rate bets closely. Fed Governor Christopher Waller signaled he might support keeping rates unchanged at the March meeting, depending on what the February jobs numbers reveal. If the labor market looks like it’s found “a more solid footing,” that could sway his vote. The February employment report lands March 6. Kitco
Silver fans face a snag: the metal isn’t just for hiding out. It’s tied to industry, too—and a prolonged tariff spat could cool factory demand, even if safe-haven flows keep coming in. Should yields bounce or the dollar strengthen, silver’s usual upside leverage can easily snap back the other direction.
After that, all eyes go to when tariffs kick in at midnight — and any possible carve-outs or deferrals buried in the details. Traders have their radar on Tuesday’s U.S. consumer confidence reading, then attention shifts to the jobs data due March 6, just before the Fed convenes March 17–18.
