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Gold Steady as G-7 Russia Import Ban Viewed ‘Largely Symbolic’

  • Group plans to announce a ban on new Russian bullion imports
  • Industry has largely already restricted Russian gold: ING
Newly cast 12,5 kilogram gold ingots in the foundry in Krasnoyarsk.

Newly cast 12,5 kilogram gold ingots in the foundry in Krasnoyarsk.

Source: Bloomberg

Updated on

Gold steadied after the Group of Seven nations planned to announce a ban on new imports of the metal from Russia, which analysts saw as a “largely symbolic” move.

The US, UK, Japan and Canada plan to announce the ban during the G-7 summit that started Sunday in Germany. While Britain’s government said over the weekend that the measure “will have global reach,” analysts played down the potential impacts as the London Bullion Market Association, which sets standards for that market, removed Russian gold refiners from its accredited list in March.