PHNOM PENH — Gold prices surged to historic highs on Monday, February 23, 2026, as a perfect storm of geopolitical instability and radical shifts in U.S. trade policy sent investors scrambling for safe-haven assets. Spot gold broke through the psychological barrier of $5,100, peaking near $5,177 per ounce, marking its strongest performance since late January. The "Trump Tariff" Volatility The primary catalyst for the market's upheaval was a swift escalation in trade tensions. Over the weekend, the U.S. administration announced plans to hike global tariffs from 10% to 15%. This move follows a landmark Supreme Court ruling that struck down previous "reciprocal" tariff measures, prompting the White House to pivot toward broader duties under alternate legal authorities. Global equity futures initially dipped on the news, as analysts warned of renewed inflationary pressure and disrupted supply chains. While major U.S. indices like the S&P 500 and Nasdaq managed to claw back some gains in volatile trading, the prevailing uncertainty has weakened the U.S. Dollar, providing further tailwinds for bullion. Market Summary: Key Indicators Geopolitical Risk and the "Safe Haven" Rush Beyond trade, the threat of military escalation in the Middle East has kept the floor under gold prices. • Iran Impasse: Nuclear negotiations remain at a stalemate, with reports of potential U.S. airstrikes targeting IRGC facilities. • De-dollarization: Central banks in developing nations continue to aggressively bolster their physical gold reserves, seeking to reduce their reliance on the U.S. dollar amid global sanctions and trade wars. Equities Eyeing Nvidia Earnings While gold steals the headlines, the financial market is bracing for Wednesday’s earnings report from Nvidia. As the primary bellwether for the AI sector, the semiconductor giant's results are expected to determine whether the tech-heavy Nasdaq can sustain its recent momentum or if the sector's cooling trend will continue.