Gold prices edge up; G7 leaders to agree on import ban on Russian gold

Gold edged up on Friday as the dollar retreated and recession fears buoyed its safe-haven appeal, but looming interest rate hikes set the non-yielding asset on course for a weekly dip.

Spot gold rose is currently priced at $1,826.88 per ounce, while US gold futures are priced at $1,830.30.

Biden, G7 leaders to ban Russian gold imports: sources

US President Joe Biden and his G7 counterparts will agree on an import ban on new gold from Russia as they broaden sanctions against Moscow for its war against Ukraine, a source familiar with the matter told Reuters on Saturday.

The US has rallied the world in imposing swift and significant economic costs on Russia to deny President Vladimir Putin the revenue he needs to fund his war.

According to the source, the US Treasury Department will issue a determination to prohibit the import of new gold into the US on Tuesday, which will further isolate Russia from the global economy by preventing its participation in the gold market.

Soy, Grains up

US soybean futures rose on Friday, snapping a streak of four negative sessions, on a round of bargain buying and short-covering, traders said.

Corn also was higher, with bargain buying featured after the market fell 3.3 percent over the previous four sessions.

Gains in the new-crop contracts outpaced the nearby contract as traders unwound some bull spreads as they monitored crop development in the US Midwest.

Wheat futures fell, pressured by the ongoing harvest in winter wheat-growing areas of the US.

Chicago Board of Trade July soybean futures settled up 17-1/2 cents at $16.10-3/4 a bushel.

Strength in the crude oil market added support to soybeans.

CBOT July corn futures were up 3-1/2 cents at $7.50-1/4 a bushel. The December contract gained 18-1/2 cents to $6.74.

Stress from dryness could spread to about 40 percent of US corn and soy next week before showers curb driest areas to less than one-third of the belt, Commodity Weather Group said in a note.

CBOT July soft red winter wheat was down 13-1/2 cents at $9.23-3/4, and hard red winter wheat for July delivery was 12 cents lower at $9.93 a bushel.