On Monday, Gold prices rose as news that some Western countries plan to formally ban gold imports from Russia to invade Ukraine sparked some interest in the metal. Spot gold was up 0.5% at $1,835.58 an ounce at 0231 GMT US gold futures rose 0.3% to $1,836.30.

“The G7 countries put a ban on Russian gold imports appears to have provided some short-term support early in Asia (in trading),” said Jeffrey Halley, senior analyst at OANDA.

On Sunday, four wealthy G7 countries began banning imports of Russian gold to tighten sanctions on Moscow and cut off its means of financing the invasion of Ukraine.

Two US central bankers said they supported further sharp interest rate hikes to stem rapid price increases, even as investors cheered economic data showing inflation expectations were less worrisome than initially feared.

Gold is seen as a hedge against inflation, but higher interest rates raise the opportunity cost of holding gold, which does not accrue interest.

“Overall, gold is still stuck in the middle of the $1,780-$1,880 range it has been in since early May, and we’re going to need a big directional move in the dollar to change that dynamic”, Halley said.

Spot silver was up 1.2% at $21.36 per ounce, platinum was up 0.5% at $912.00 and palladium was up 0.6% at $1,886.65.