Morning Bites

📈Russia’s gold output rose 9.3% YoY in June, reversing from the -0.4% YoY in May, per Rosstat data. Overall, the country’s gold production in 1H25 was up 5.5% 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 2025, given steady inflows and geopolitical tensions

#gold