Morning Bites (part 2)

📉Russia’s gold output inched down 0.4% YoY in May, reversing from the +8.0% YoY in April, per Rosstat data. Meanwhile, the country’s production in 5mo25 was up 4.6% 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 mid-2025 (~USD 2,500/oz), but we expect the precious metal’s price to remain elevated in 2H25, given steady inflows from global central banks and ETFs

#gold