Morning Bites (part 1)

📈Russia’s gold output rose 11.7% YoY in April, reversing from the 14.5% YoY drop in March, according to the Rosstat data. It was 5.2% YoY higher on the 4mo24 basis, but down 4.8% MoM. In our view, spot gold is trading above its fundamentally reasonable level (USD 2,200-2,300/oz for 2024), driven by the persistently strong demand from global central banks and market expectations of an upcoming US Fed funds rate cut in 2024

Russia’s gold output accounts for ~9% of the world's mined supply

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