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Morning Bites (part 2)

📈Russia’s gold output declined 14.5% YoY in March, reversing from the 23.4% YoY gain in February, according to Rosstat data. Russia’s gold output was also down 9.6% MoM, while on a 1Q24 basis, the production was 3.2% YoY higher. Regarding the market fundamentals, in our view, the spot gold price has already exceeded its fundamentally reasonable level (USD 2,200-2,300/oz for 2024), driven by persistently strong demand from global central banks and market expectations of upcoming US Fed funds rate cut in 2024

Russia represents ~9% of the world's mined gold output

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