Morning Bites (part 1)

📉Russia’s gold output dropped 26.7% YoY in October, accelerating from the 9.2% YoY drop in September, per Rosstat data. In our view, this sharp decline was mostly driven by the high base effect (output surged 19.1% YoY in October 2022). There have now been four consecutive months of YoY declines, pushing Russia’s 10mo23 gold output 2.2% lower YoY. Overall, we maintain our positive outlook on gold performance, amid strong physical demand and rising cash costs for gold miners, as well as the unfavourable macroeconomic conditions globally. Of note, Russia accounts for ~9% of the world's mined gold output

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