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Morning Bites

📈Russia’s gold output increased 10.1% YoY in July, after the broadly flat dynamics in June, according to the Rosstat data. The figure was also 5.9% YoY higher on the 7mo24 basis, and up 26.2% MoM. Russia’s gold output accounts for ~9% of the world's mined supply

We maintain our view that gold is trading above its fundamentally reasonable level for 2024 of USD 2,300-2,400/oz, due to the persistently strong demand from global central banks and in light of the widely expected US Fed funds rate cut in 2024. However, gold has more upside risks from here, amid the unfavourable geopolitical environment globally

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