Morning Bites

📈Russia’s gold output rose 8.0% YoY in April, after the 6.9% YoY gain in March, per Rosstat data. The country’s production in 4mo25 was up 2.6% YoY. Russia accounts for ~10% of the world's mined gold supply

We maintain our view that gold is trading above what we see as its fundamentally reasonable level for 1H25 (~USD 2,500/oz), but we expect the precious metal’s price to remain elevated in 2025, given steady inflows and geopolitical tensions

#gold