Although this resolution has yet to be ratified by the UN, the United States, the United Kingdom, Japan, and Canada have all agreed to a limit on Russian gold imports, according to a statement from the UK government. In the southern German town of Garmisch-Partenkirchen, the leaders of the G-7 were holding a summit Monday.
For delivery in August, gold futures prices jumped by $3.40 (or 0.2 percent) to $1,834 per ounce.
There was a 1.3 percent increase in the price of silver futures for July delivery, to $21.41 per ounce.
Platinum futures for July delivery were almost unchanged at $903 an ounce.
September futures contracts for palladium rose by $60, or 3.3%, to $1,914 for an ounce.
The July delivery price of copper has risen to $3.74 a pound.
What experts have to say about it
In the wake of last week’s significant decline in commodity prices, industrial metals prices rebounded on Monday morning. This was even though recession worries rattled commodity prices, resulting in declines in the price of everything from copper to crude oil.
According to Commerzbank analysts, the second quarter of 2022 will be the worst quarter for base metals since the crisis of 2008 and 2009.
G-7 sanctions on Russian gold are only symbolic, according to the Commerzbank team, since the London Bullion Market Association already prohibits the importation of Russian gold.
Russian gold production this year totaled 330 tons, second only to China’s, according to the World Gold Council. However, Russia is still one of the main gold producers in the world.
If eurozone inflation is higher than predicted, the European Central Bank will be under more pressure to hike interest rates, which might impact the yellow metal in the next week.