Planned G7 bullion ban on Russia boosts gold

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Move doesn’t mark a structural change in the supply and demand outlook underpinning prices, analyst says

Gold grain at a refinery in Russia. Picture: BLOOMBERG/ANDREY RUDAKOV

Four of the Group of Seven rich nations moved to ban imports of Russian gold on Sunday to tighten the sanction squeeze on Moscow and cut off its means of financing the invasion of Ukraine. A pair of US central bankers said on Friday they supported further sharp rate hikes to stem rapid price rises, even as investors cheered economic data showing inflation expectations to be less worrisome than initially feared.

 

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