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Gold Tumbles Amid Weaker-Than-Expected U.S. Sanctions on Russia

  • President vows to impose ‘severe cost’ on Russia’s economy
  • Russia is spared from being booted from Swift payments system
Updated on

Gold tumbled after earlier surging to the highest in 17 months with investors viewing sanctions on Russia as weaker than expected.

President Joe Biden promised to inflict a “severe cost on the Russian economy” in a speech from the White House on Thursday, hours after Russian tanks, troops and aircraft pushed through into Ukraine. But Wall Street was expecting a harder line against Russia, for example, by ousting them from the Swift international banking network and sanctioning President Putin personally, said Ed Moya, senior market analyst at OANDA.