EU leaders to keep sanction pressure on Russia, gold flagged as new target – Reuters
FXStreet · 21 Jun 2022 162 Views

European Union (EU) leaders are expected to maintain the sanctions against Russia at a summit this week, Reuters reports, citing a draft document.

The draft document mentions that the EU leaders may consider a possible next round, this time targeting gold.

The latest version of their draft conclusions read, “Work will continue on sanctions, including to strengthen implementation and prevent circumvention."

Although no new package is currently being prepared, work is ongoing to identify sectors that could be hit, the officials said.

Gold is one of the possible next targets, officials familiar with the discussions said, adding that “it was not yet clear whether the measure could ban export to Russia, imports from Russia or both.”

Market reaction

Gold Price is seeing fresh demand on the above report, heading back towards $1,840. At the time of writing, XAUUSD is trading 0.50% higher at $1,837.

Affected Trading Instrument

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