Morning Bites

📈Russia’s gold output increased 11.6% YoY in September, accelerating from the +6.8% YoY in August, per Rosstat data. Overall, the country’s gold production for 9mo25 was up 5.5% YoY. Russia accounts for ~10% of the world's mined gold supply

Although at spot gold continues to trade above what we see as its long-term fundamentally reasonable level, we think the precious metal’s price will remain elevated in 4Q25-2026, given strong inflows into global central banks and ETFs, in addition to the global trade related concerns

#gold