The share of the U.S. dollar in global central bank reserves has been declining, while gold is increasingly being reallocated by many countries. Latest data shows that for the first time since 1996, gold holdings now exceed U.S. Treasuries in central bank reserves.

Despite short-term volatility, gold prices have shown strong gains year-to-date, rising from 614 yuan per gram to over 900 yuan, an increase of nearly 50%. Over a longer horizon, gold prices have surged approximately 300% compared with a decade ago.