Gold steadied after the Group of Seven nations planned to announce a ban on new imports of the metal from Russia, which analysts saw as a “largely symbolic” move.

The US, UK, Japan and Canada plan to announce the ban during the G-7 summit that started Sunday in Germany. While Britain’s government said over the weekend that the measure “will have global reach,” analysts played down the potential impacts as the London Bullion Market Association, which sets standards for that market, removed Russian gold refiners from its accredited list in March.

Bullion climbed as much as 0.8% on Monday, before erasing much of the gain. Prices may have received a little initial support from the news, but most analysts said the sanctions are unlikely to have a longer-term impact.

“While gold prices reacted positively to the news this morning, we see a limited fundamental impact of a ban,” Carsten Menke, an analyst at Julius Baer Group Ltd. “This is due to the low relevance of supply when it comes to the formation of gold prices.”

Gold added 0.2% to $1,830.05 an ounce by 1:37 p.m. in London. Bullion dropped 0.7% last week after Federal Reserve Chair Jerome Powell said his commitment to curbing inflation was unconditional. 

While the LBMA’s action and sanctions on Russian banks after the invasion of Ukraine have largely closed European and US markets to gold from the world’s second-biggest bullion miner, the G-7 pledge would mark a total severance between it and the world’s top two trading centers, London and New York. 

Russian gold had already become taboo in western markets, with the Swiss refining industry forced to deny it was responsible for a reported shipment from the country. 

“The impact from a ban on Russian gold imports by G-7 nations is likely to be fairly limited, given that the industry already took steps to restrict Russian gold,” said Warren Patterson, head of commodities strategy at ING Groep NV. “It looks as though its largely symbolic.”

While bullion surged close to a record in March as the war in Ukraine boosted demand for the haven asset, prices are now little changed this year as central banks tighten monetary policy. Silver and palladium gained on Monday, while platinum was steady.

Russian gold could still find a home in other markets. 

“China and India, two of the largest demand countries, are not members of the G7,” said Alexander Zumpfe, a senior trader at refiner Heraeus Metals Germany GmbH & Co. “Their demand could therefore continue to be met with Russian metal, which makes an immediate shortage unlikely.”