Morning Bites (part 2)

📈Russia’s gold output rose 6.8% YoY in August, reversing from the 1.2% YoY decline in July, per Rosstat data. Overall, the country’s gold production for 8mo25 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 2025-26, given steady demand from global central banks, continuous inflows into ETFs, as well as geopolitical tensions

#gold