Morning Bites (part 1)

📉Russia’s gold output fell 1.2% YoY in July, reversing from the +9.3% YoY in June, per Rosstat data. Overall, the country’s gold production in 7mo25 was up 4.2% 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