On June 12, according to the latest report from the European Central Bank (ECB), gold has surpassed the euro to become the second-largest reserve asset held by global central banks. The report noted that in 2024, gold accounted for 20% of global official reserves, exceeding the euro's 16% and trailing only the US dollar's 46%. Despite the US dollar maintaining its absolute dominance, its share has declined by 4 percentage points compared to 2020, while the euro's share has cumulatively decreased by 8 percentage points over the past five years. The ECB stated that central banks worldwide have continued to increase their gold holdings at a record pace. In 2024, global central banks' net gold purchases exceeded 1,000 mt for the third consecutive year, equivalent to one-fifth of the world's annual ore production and doubling the average annual level of the 2010s. Data showed that China, India, Turkey, and Poland were the largest buyers, with the PBOC adding 289 mt throughout the year, marking the highest annual increase since 2015.