According to data released by the China Gold Association, domestic raw material gold production in 2025 reached 381.339 tons, an increase of 4.097 tons year-on-year, representing a growth rate of 1.09%. Imported raw material gold production amounted to 170.681 tons, an increase of 13.817 tons year-on-year, representing a growth rate of 8.81%. The total gold production from both domestic and imported raw materials was 552.020 tons, an increase of 17.914 tons year-on-year, representing a growth rate of 3.35%. PriceSeek's analysis of gold indicates a bearish sentiment score of -1. The increase in gold supply has exerted downward pressure on prices. With domestic raw material gold production rising by 1.09% year-on-year and imported raw material gold production increasing by 8.81% year-on-year, the total supply grew by 3.35%. This has heightened the risk of oversupply in the spot market, potentially restraining price trends.