Gold Rises as G7 Eyes Ban On Russian Bullion

gold prices

Gold: jumped above $1,830 an ounce on Monday amid reports that some G7 member countries are planning to officially ban new bullion imports from Russia for its invasion of Ukraine.

The UK, along with the US, Japan and Canada, considered the measure given London’s central role in the gold trade, in a move that could potentially have a global reach and negatively impact Moscow’s ability to raise funds.

However, some analysts argued that shipments between Russia and London have already dropped to nearly zero since western countries imposed sanctions on Moscow, and added that the measure only formalizes what the gold industry has been doing.

Meanwhile, gold has come under pressure since March amid expectations that major central banks will continue to aggressively raise interest rates to target runaway inflation