[Expert: Market anticipates potential Fed rate hikes, directly suppressing gold's upward momentum] The European Central Bank released a report earlier this month stating that by the end of 2025, the proportion of gold in global official reserve assets had risen to 27%, surpassing U.S. Treasury bonds by 5 percentage points, making it the largest single asset category in global official reserves. Experts noted that this wave of large-scale gold accumulation by global central banks began in 2022. Data shows that from 2022 to 2024, global central banks recorded net gold purchases exceeding 1,000 tons for three consecutive years, with net purchases reaching 863 tons in 2025, far surpassing levels in previous years. Despite continuous gold purchases by central banks, why has the recent international gold price declined? Experts explained that the recent fluctuations in international gold prices are the result of multiple factors.