Gold jumped above $1,830 an ounce amid reports that some G7 member countries are planning to officially ban new bullion imports from Russia for its invasion of Ukraine. The UK, along with the US, Japan and Canada, considered the measure given London’s central role in the gold trade, in a move that could potentially have a global reach and negatively impact Moscow’s ability to raise funds. However, some analysts argued that shipments between Russia and London have already dropped to nearly zero since western countries imposed sanctions on Moscow, and added that the measure only formalizes what the gold industry has been doing. Meanwhile, gold has come under pressure since March amid expectations that major central banks will continue to aggressively raise interest rates to target runaway inflation.

A raft of upcoming data in the US including consumer confidence and personal consumption expenditures should show how the US economy is responding to Fed’s aggressive tightening. Also, the stock market is set to record its worst first half of the year in a decade. In Europe, attention will be given to the ECB’s forum on central banking with speeches from Fed Chair Powell, ECB President Lagarde, and BoE Governor Bailey. Also, key reports on inflation and unemployment will be released for the Eurozone, including Germany, Italy, and France. MCX gold August may appreciate to Rs. 51,100 per 10 gram amid weakness in the dollar index.