Morning Bites

📉Russia’s gold output declined 2.5% YoY in January, after the 5.9% YoY gain in December, per Rosstat data. The country’s output was also down over 40% MoM due to seasonal factors. 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 1H25 (~USD 2,500/oz), we think the precious metal’s price will remain elevated in 2025, given continuing inflows into global ETFs and central banks

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