PANews reported on June 11 that the European Central Bank released a report earlier this month stating that by the end of 2025, gold's share of global official reserve assets will have risen to 27%, exceeding US Treasury bonds by 5 percentage points, becoming the largest single asset class in global official reserves. Experts say that this round of large-scale gold purchases by global central banks began in 2022. Data shows that from 2022 to 2024, global central banks made net purchases of more than 1,000 tons of gold for three consecutive years, reaching 863 tons in 2025, far exceeding the levels of previous years. Why has the international gold price fallen recently despite continuous central bank purchases? Experts say that the recent significant fluctuations in international gold prices are due to multiple factors. On the one hand, the continuous surge in international gold prices in 2024 and 2025 has accumulated considerable downward pressure; on the other hand, the energy price increases triggered by geopolitical conflicts in the Middle East have pushed up inflation expectations, and the market anticipates that the Federal Reserve may raise interest rates, directly suppressing the upward potential of gold prices, creating a special situation of "central banks buying gold against the trend, and gold prices weakening in the short term."