The plan to completely ban Russian gold imports, which came to the agenda within the scope of the G-7 Summit, led to the rise of gold in the first transactions of the new week.
While the attention in the commodity market turned to the G-7 Summit, the ban on Russian gold imports caused gold prices to rise. Spot gold started the week around $1,838.
According to analysts, this decision will be nothing more than symbolic, as Russia is already restrained by sanctions.
The US, UK, Japan and Canada are reportedly planning to announce the ban at the G-7 summit in Germany, which started on Sunday.
Although the UK said at the weekend, “This measure will have a global impact by closing the international market to Russian gold”, analysts emphasized that the London Gold Markets Association, which sets the standards in the gold market, removed Russian gold refineries from the accreditation list in March, noting that the potential impact of the decision would be low.
