Morning Bites (part 1)

📈Russia’s gold output jumped 23.4% YoY in February, accelerating from the 7.0% YoY gain in January, according to Rosstat data. Meanwhile, Russian gold production was up 51.2% MoM, likely amid seasonal effects (+31.0% MoM in February 2023). Overall, we maintain our positive view on gold, amid the steady demand from global central banks. In addition, the anticipated key rate cuts in the world's top economies (e.g. the EU and US) in 2024 could well add further support to the precious metal’s price, in our view

To recap, Russia accounts for ~9% of the world's mined gold output

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