Morning Bites (part 2)

📈Russia’s gold output slid 4.3% YoY in September, after the 0.9% YoY decline in August, per Rosstat data. On a 9mo24 basis, however, the output was up 3.4% YoY. Russia’s gold output accounted for ~9% of the world's mined supply in 2023

Although, at spot, gold is trading above what we see as 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 gold inflows into ETFs amid the monetary policy easing cycle in the EU/US and China

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