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Gold price pares daily losses as Biden wants to end normal trade relations with Russia – Kitco NEWS

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(Kitco News) The gold market trimmed some of its early-morning losses as U.S. President Joe Biden announced that he will revoke Russia’s ‘permanent normal trade’ status.
Losing this status would downgrade Russia’s trading abilities and allow the West to impose tariffs on a wide range of Russian goods.
“Revoking this status will make it harder for Russia to do business with the U.S.,” said Biden.
This will be a joint action implemented by the U.S., the European Union, Canada, France, Germany, Italy, Japan, and the U.K.
Biden added that he would also be signing an executive order banning imports of Russian diamonds, seafood, and vodka.
“Putin is the aggressor, and he must pay the price,” Biden said.
The U.S. allies will also target Russia’s borrowing privileges. “The G7 Leaders will agree to ensure Russia cannot obtain financing from … the International Monetary Fund and the World Bank. Russia cannot grossly violate international law and expect to benefit from being part of the international economic order,” according to the White House.
When asked about the potential of Russia using chemical weapons in Ukraine, Biden said: “Russia would pay a severe price if they use chemical weapons.”
Following the announcement, gold edged up but still traded $20 below the $2,000 an ounce level. April Comex gold futures were last at $1,982.60, down 0.89% on the day.
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