Morning Bites (part 2)

📈Russia’s gold output increased 9.6% YoY in May, after the 11.7% YoY gain in April, according to the Rosstat data. The figure was also 6.2% YoY higher on 5mo24 basis, and up 15.4% MoM. Russia’s gold output accounts for ~9% of the world's mined supply

In our view, at spot gold is still trading marginally above its fundamentally reasonable level (USD 2,200-2,300/oz for 2024), driven by persistently strong demand from global central banks and the widely expected US Fed funds rate cut in 2024. Furthermore, in May, global ETFs raised their holdings for the first time in 12 months, which injected some positive sentiment into the gold market

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