Morning Bites

📈Russia’s gold output inched up 1.4% YoY in November, decelerating from the +24.8% YoY in October, per Rosstat data. On an 11mo24 basis, the output was up 5.2% YoY. We recap that Russia accounted for ~9% of the world's mined gold supply in 2023

Although, at spot, gold keeps trading above what we see as its fundamentally reasonable level for late-2024 (~USD 2,400/oz), we observe more upside risks in the precious metal’s price amid continuing inflows into global ETFs and central banks, as well as ongoing geopolitical tensions

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