China's demand for gold from Peru has surged significantly, with exports through June 2025 already surpassing the total for 2024. Peru, one of the world's largest gold producers, mined about 90 tonnes of gold in 2023, leading South America in production. Despite this growth in exports, China remains the fourth-largest buyer of Peruvian gold, behind Canada, India, and Switzerland. The Chinese government is encouraging gold savings to curb dollar demand and capital flight amid efforts to stimulate its stagnant economy. Globally, gold supply is increasing at about 1% annually, slower than the growth in base money, which supports rising gold prices. Investment demand, including from ETFs, central banks, and speculators, accounts for approximately 70% of monthly gold price movements, with net purchases of 100 tonnes typically driving a 1.7% price increase. Approximately 22% of above-ground gold stock is held in investment vaults, 17% in central bank reserves, and much of the remainder is in jewelry, mainly in emerging markets.