Gold prices also have beaten higher before US inflation data that could affect Fed's policy.
Russians bought 12 tonnes of gold bars and coins in just five months, and the government expects potential demand may reach 50 tonnes per year.
The ban, which aims to "further isolate Russia from the global economy", was announced by US President Joe Biden as the world's seven richest nation meet for their annual summit in Germany.
Sanctions on Russia have already rattled through international markets, hitting European equities in particular.
Is a surge in gold demand here to stay?
The hike follows a surprisingly weak consumer sentiment reading in the US last week.
Archaeologists discover that the Sican civilisation, pre-dating Incas in ancient Peru, have used human blood as binding agent in a gold mask coloured with cinnabar, a red pigment.
With increasing global demand for rare earth minerals and lithium driving advanced technology, Afghanistan is at the forefront of economic speculation given its famed mineral reserves. In reality, it’s not that straightforward.
Congolese gold has become a profitable source of foreign currency for Kampala, with devastating and bloody consequences for the people of DRC.
A new mining facility that will employ 500 people and start gold casting in the last quarter of 2022 is being set up in the metal-rich eastern province of Agri.
After a rapid rise in 2020, the price of gold has plunged in recent months due to a weakening demand by central banks, a lacklustre jewellery market and weak investor interest.
The genderless deck replaces king, queen and jack with gold, silver and bronze.
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