Gold price today, Friday, March 13: Gold opens lower with pressure from a stronger U.S. dollar

Gold (GC=F) April futures opened at $5,084 per troy ounce on Friday, down 0.8% from Thursday’s closing price of $5,125.80. The gold price declined in early trading. Gold demand is under pressure due to high oil prices and their impact on the U.S. dollar and short-term inflation outlook. Since the U.S. is a major global oil producer that exports more than it imports, rising oil prices can strengthen the U.S. dollar. In the last five days, the U.S. Dollar Index (DX-Y.NYB) has increased about 1%. The index ...