Standard Chartered CEO Bill Winters said the bank had shut down the accounts used by a Russian money laundering ring after it discovered attempts to circumvent Western sanctions imposed in the wake of the invasion of Ukraine.
Standard Chartered sees gold averaging around $4,650 an ounce in Q4.
The bank says structural forces remain supportive, but a stronger U.S. dollar could create a near-term headwind. Spot gold is averaging around $4,350 in Q3.