Morning Bites (part 2)

📈Russia’s gold output increased 7.4% YoY in October, decelerating from the +11.6% YoY in September, per Rosstat data. Overall, the country’s gold production in 10mo25 was up 5.8% YoY. Russia accounts for some 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 late-2025 and 1H26, given strong inflows into global central banks and ETFs, in addition to the global trade related concerns

#gold