Gold futures retreated from the gains that coincided with the beginning of trading this week, with the yellow metal entering the negative territory throughout the year.
Yesterday, the price of an ounce of gold jumped to the level of 1841 dollars, and then returned to the level of 1821 dollars an ounce today. In general, gold prices fell by about 1% during trading last week, which increased its losses since the start of the year 2022 to date to about 0.3%.
US President Joe Biden announced Sunday that the Group of Seven will prevent the import of Russian gold, while the British government confirmed to the media that these countries agreed to the ban. A weak dollar is beneficial for dollar-priced commodities because it makes it cheaper for foreign investors to buy them.
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