Gold prices up as G7 nations look to ban bullion imports from Russia

Gold prices rose today, June 27, amid news that some European nations are looking to officially ban imports of the precious metal from Russia as part of a series of sanctions for its invasion of Ukraine, which signaled potentially tighter gold supplies and raised the bullion’s prices.

Gold futures for August delivery increased 0.51% to $1,839.80 an ounce at 10:04 am Makkah time, with spot prices also up 0.60% to $1,838.87 per ounce.

Elsewhere, silver futures for July delivery surged 1.28% to $21.39 per ounce. The spot price of platinum jumped 0.45% to $912.18, and the spot price of palladium also gained 2.94% to $1,931.48.

Meanwhile, the main dollar index, which measures the performance of the US currency against a basket of six currencies, saw a marginal drop of 0.17% to 103.94 points.

German Chancellor Olaf Scholz told ZDF today that discussions on a ban on Russian gold imports are ongoing and should be expanded with European Union partners, Reuters reported.

This comes after the British government announced yesterday that the UK, together with the US, Japan and Canada, will ban new imports of Russian gold as part of efforts to tighten sanctions against Moscow following its crisis in Ukraine.

It is scheduled to continue the meeting of the leaders of the Group of Seven during the day in order to discuss possible Western sanctions against Russia.