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  • Writer's pictureanalysiswatch

Title: Gold Up as G7 Nations Plan to Ban Gold Imports from Russia

Jun 27, 2022 12:00AM ET

By: AnalysisWatch

Gold prices rose in Asia Monday morning as some Group of Seven (G7) countries planned to ban gold imports from Russia, which could tighten supplies.

At 11:59 p.m. ET, gold futures were up 0.37% at $1,837.05 an ounce. The dollar, which normally moves inversely to gold prices, was down 0.2% Monday morning.

In a bid to tighten sanctions against Russia over its invasion of Ukraine, the U.S., U.K., Japan, and Canada also plan to announce a ban on new gold imports from Russia during the G7 summit.

G7 leaders want to offer Ukraine indefinite assistance in defending itself against Russia's incursion.

San Francisco Fed President Mary Daly on Friday voiced support for another 75 basis-point rate hike in July, while St. Louis Fed Bank President James Bullard said fears of a U.S. recession were overblown.

The International Monetary Fund on Friday lowered its forecast for U.S. economic growth, saying aggressive monetary tightening by the Federal Reserve could cool demand, but predicted the U.S. would "narrowly" avoid a recession.

The SPDR Gold Trust, the world's largest gold exchange-traded fund, reported that its holdings fell 0.2% to 1,061.04 tons on Friday from 1,063.07 tons the previous day.

Among other precious metals, silver gained 1.08%. Platinum rose 0.58%, while palladium gained 0.73%.

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