SANCTIONS ARE COUNTER PRODUCTIVE
Biden also signed an executive order on 15 March this year, prohibiting US persons to be involved with gold trading with Russian parties.
Still, more sanctions by the US and Europe will over time create shortages in gold just as it has in other commodities. So Russia will be able to sell its commodities including gold to other markets at higher prices.
But since Russia by far has the greatest commodity reserves in the world at $ 75 trillion, the value of these reserves are going to appreciate for years as we are now at the beginning of a major bull market in commodities.
The US and EU sanctions of Russia affect around 15% of the world population so there are still plenty of markets where Russia can trade.
The Roman Empire controlled parts of Europe, North Africa and the Middle East. The Empire prospered primarily due to free trade within the whole area with no sanctions. Sanctions hurt all parties involved. And since Russia is such a major commodity country that can continue to trade with major nations, they will over time suffer less than the sanctioning countries.
The consequences of these sanctions especially for Europe where many countries are dependent on Russian oil and gas will be totally devastating. So the US and Europe have really shot themselves in the foot.
GOLD, THE US DOLLAR & STOCK MARKETS
Coming back to gold, the US and G7 move is more likely to have a beneficial effect on gold over time with demand increasing and supply being restricted.
Gold started an uptrend in year 2001 that lasted for 10 years to 2011 when gold reached $ 1,920. After a major correction for 3 years until 2016, to $ 1,060, gold has resumed its exponential uptrend as can be seen in the chart below.