The yellow metal of gold strengthened on Monday after several countries from the G7 added gold to their sanctions against Russia following continued aggression on Ukraine.
During the Asian session, gold traded 0.5% higher at $ 1,835 an ounce, while gold futures were up $ 1,836 an ounce.
On Sunday, the United States, Britain, Japan and Canada agreed to ban gold imports from Russia on the first day of the G7 meeting which will last for three days.
Following the announcement, US President Joe Biden said the new ban would deprive Russia of the tens of billions of dollars the country needs to fund its war in Ukraine.
Russia is the second largest gold producer in the world, representing 9.5% of global supply. Last year, Russia’s gold exports were reportedly worth more than $ 15 billion.
The new sanctions are seen to have the biggest impact on the London gold market, where 28% of Russian gold has been exported to the British capital, according to Bloomberg.
Meanwhile, gold prices also benefited from the weakening US dollar earlier in the week.
