Gold extends gains ahead of G7 decisions

Gold prices rose in European trade for another session ahead of the G7 decisions later, which might include a ban on gold imports from Russia. 

Gold is also buoyed by dollar's decline to two-week lows against major rivals. 

Gold prices rose 0.75% to $1,841 an ounce, after closing up 0.3% on Friday off week lows at $1,816. 

Gold lost 0.6% last week, the second weekly loss in a row on higher interest rate decisions worldwide. 

G7

Four of the G7 countries are moving to ban Russian gold imports on Sunday to pressure the Russian government for its invasion of Ukraine. 

The dollar

The dollar index fell 0.3% on Monday for another session, marking a two-week low at 103.8 against a basket of major rivals. 

Dollar is declining as US treasury yields tumbled to two-week lows, hurting demand on the greenback. 

The SPDR 

Gold holdings at the SPDR Gold Trust fell 2.03 million tones on Friday, the fourth decrease in a row to a total of 1,061 tones.