Morning Bites (part 3)

📈Russia’s gold output grew 9.5% YoY in June, decelerating from the 17.4% YoY jump in May, per Rosstat data. Despite the positive YoY dynamics seen recently, they were most likely a factor of the low base effect from 2022. Hence, we maintain our positive outlook on the yellow metal, amid continuously strong physical gold demand, the rising cash costs of gold miners, and the adverse macroeconomic conditions globally. Noteworthy, Russia accounts for ~9% of the world's mined gold output

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https://metals-wire.com/sector/Gold