Gold prices rose at the beginning of the week amid reports that the United States, Britain, Japan, and Canada banned the import of gold from Russia. However, the rise remained limited due to the risk-on mode in the Asian stock markets.
Asian stock and US stock indices future edged higher in the Asian session. US President Joe Biden said yesterday that the G7 aims to mobilize about $600 billion in a global program to support infrastructure.
The US dollar fell against a basket of currencies as traders continued to assess the US economy falling into recession, affected by the rapid rate hike in the Federal Reserve.
Oil prices are rising for the second consecutive session, benefiting from fears of a supply shortage in light of continuing Russian-Ukrainian geopolitical tensions. According to Reuters, the United States is likely to announce the purchase of a missile defense system for Ukraine this week.