Gold rises as G7 intends to ban the import of the metal from Russia

Gold prices rose on Monday as news that some Western countries are planning to formally ban imports of the metal from Russia due to its invasion of Ukraine sparked some interest in gold.

And gold rose in spot transactions 0.5 percent to $ 1835.58 an ounce. US gold futures rose 0.3 percent to $ 1836.30.

Four of the Group of Seven nations moved to ban Russian gold imports on Sunday to increase pressure on Moscow and cut off its means to fund the invasion of Ukraine.

As for other precious metals, the price of silver in spot transactions rose 1.2 percent to $ 21.36 an ounce, while the price of platinum rose 0.5 percent to $ 912.00 and palladium increased 0.6 percent to $ 1886.65.