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Commodity prices climbed and related currencies softened against the dollar on Monday after President Donald Trump said he would impose 25% tariffs on all steel and aluminum entering the US.

Gold historically has performed poorly when tariffs are high, and vice versa. It’s an important counter to the increasingly widespread narrative that higher tariffs are bullish for gold.

After setting a record high, front-month gold inched back—falling 0.1% to $2,912.50/oz, but still above that key $2,900 a troy ounce mark.