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.

Gold April futures at MCX opened slightly lower at Rs 84,512/10g after hitting an all-time high of Rs 84,894/10g, while silver March futures fell to Rs 95,549/kg. Gold gained Rs 2,200/10g this week, ...