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Morning Bites (part 2)

📉Russia’s gold output was flat YoY in June, after the 9.6% YoY growth in May, according to the Rosstat data. Meanwhile, the figure was up 10.7% MoM, and 4.8% higher YoY on 1H24 basis. According to WGC, Russia’s gold output accounted for ~9% of the world's mined supply in 2023

We reiterate our view that at spot gold is trading above its fundamentally reasonable level (USD 2,200-2,300/oz for 2024), supported by strong demand from central banks and general expectations of a US Fed funds rate cut in 2024. Furthermore, in May-June, global ETFs returned to gold purchasing after 12 months of consecutive net selling, which aided gold market sentiment

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