Swiss National Bank chairman expects growth to resume in the medium term.

Russia’s Ministry of Natural Resources gave its first multi-year gold output estimate, telling TASS Minister Alexander Kozlov that ore production this year should be 480–500t, roughly in line with last year’s ~480t. The ministry confirmed Kozlov was referring to gold mining but provided no further detail. If accurate, the figure would make Russia the world’s largest gold producer and is about 50% above the World Gold Council’s c.330t 2024 estimate. Executives at two major Russian gold miners said they doubted the number and could not reconcile it. Moscow has not published official gold production data since 2022, and the country has not brought major new deposits into production recently, which would make a rapid output jump difficult.

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