Morning Bites (part 1)

📈Russia’s gold output was up 9.1% YoY in March, after the 6.9% YoY increase in February, according to Rosstat. We believe this was partially due to the low base of 2022. Despite some recovery in Russian domestic production (~9% of global mined gold supply), we maintain our positive view on the precious metal amid strong physical demand, rising cash costs and turbulence in the global economy. To recap, according to the recent study by HSBC, most central banks’ reserve managers are likely to increase their gold holdings further in 2023. In our view, that might add more support to the already elevated physical gold demand

#gold
https://metals-wire.com/sector/Gold