Gold price today, Monday, March 9: Gold opens lower after oil prices spike

Gold (GC=F) April futures opened at $5,095 per troy ounce on Monday, down 1.2% from Friday’s closing price of $5,158.70. Gold has declined 4.7% in the past week. Rising oil prices are a primary catalyst for gold’s pullback. The Middle East war has damaged energy infrastructure and blocked shipping through the Strait of Hormuz, which handles 20% of the world’s oil. Middle East producers are cutting their output in response, prompting a supply shock and sending oil higher than $100 a barrel for the first ...