Morning Bites (part 2)

📈Russia’s gold output jumped 24.8% YoY in October (mainly due to the low base effect from October 2023), reversing the 4.3% YoY decline in September, per Rosstat data. On a 10mo24 basis, the output was up 5.6% YoY. We recap that Russia accounted for ~9% of the world's mined gold supply in 2023

Although, at spot, gold continues to trade above what we see as its fundamentally reasonable level for 4Q24 (~USD 2,400/oz), we see more upside risks in the precious metal’s price given the steady inflows into global ETFs and central banks, as well as ongoing geopolitical tensions

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