Morning Bites

📈Russia’s gold output increased 5.6% YoY in November, decelerating from the +7.4% YoY in October, per the Rosstat data. Overall, the country’s gold production in 11mo25 was up 5.7% 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 high in 1H26, given the strong inflows into global central banks and ETFs, in addition to concerns over global trade

#gold