Overnight Market Review (2022.6.27) The UK government said that the UK, US, Japan and Canada will ban new gold imports from Russia. The move marks a further escalation of sanctions against Russia by the Western camp.
Global gold market: Gold futures prices closed slightly higher on Friday, but the price of gold still recorded a decline of 0.56% for the week. While a retreat in the U.S. dollar and fears of a recession boosted gold’s safe-haven appeal, looming rate hikes still sent the non-yielding asset for a weekly loss.
Leaders of the Group of Seven (G7) nations are scheduled to meet in Germany on Sunday. The British government said in a statement that the ban, which will take effect in the near future, will apply to newly mined or refined gold, but will not affect previously exported Russian-produced gold.
Russia exported gold worth up to 12.6 billion pounds last year, and the country’s wealthy have been buying it to reduce the financial impact of Western sanctions, according to a British government statement.
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