Morning Bites

📈Russia’s gold output inched down 0.9% YoY in August, after the 10.1% YoY growth seen in July, according to the Rosstat data. It was also 4.7% YoY higher on the 8mo24 basis. Russia’s gold output accounted for ~9% of the world's mined supply in 2023

Although, at spot, gold is trading above its fundamentally reasonable level for 2H24 (~USD 2,400/oz), we expect additional upside in the precious metal’s price, due to strong demand from global central banks and the return of ETFs to gold purchasing, amid monetary policy easing in the US and the EU

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