Gold prices edged higher on Monday after U.S. President Joe Biden said Sunday that the United States and other Group of Seven leading economies will ban imports of gold from Russia.
Spot gold rose 0.6 percent to $1,838.87 per ounce, while U.S. gold futures were up half a percent at $1,840.40.
Britain, the United States, Canada and Japan have decided to ban Russian gold imports at a G7 meeting as part of efforts to tighten the sanctions squeeze on Moscow.
Gold exports are the second largest revenue generation source for Russia and its annual production is 350 to 380 tons.
The dollar's weakness in international markets and lower Treasury yields also offered some support for the yellow metal.
It's a busy week for U.S. economic calendar, with reports on durable goods orders, pending home sales, consumer confidence, personal income and spending and manufacturing activity awaited later in the week.
The final GDP growth estimates for the U.S. and the U.K for the first quarter of 2022 are set to be released on Wednesday and Thursday, respectively.
The U.S. will officially enter into a recession if it posts negative growth.
