Strong Dollar, Rising Oil Prices Push Gold Lower for the Week

BlockBeats News, on March 13, Friday, the New York gold futures broke below $5100 per ounce, and this week is expected to see a weekly decline. The strength of the U.S. dollar, rising oil prices, and uncertainty about the Federal Reserve's policy have put pressure on the gold price. An analyst at ANZ Bank stated: "The U.S. dollar has strengthened due to its safe-haven status, especially as rising oil prices benefit the U.S. as a net energy exporter. Concerns in the market about the Fed's interest rate reduction path are increasing, and the rise in oil prices has increased the possibility of a resurgence of inflationary pressures." (FXStreet)