The volume of gold production in Russia in May decreased by 0.4% compared to April and 8% VS 2024

Meanwhile, gold mining over 5 months of 2025 increased by 4.6%. Russia accounts for 10% of the global reserves of extracted gold

we are of our opinion that the gold is traded above the level that we consider fundamentally acceptable for mid -2025 (2500 per ration), but we expect that the price of precious metal will remain at a high level of 2P25, given the steady flow of funds from world central banks and ETF.