. The central bank's gold purchase wave and structural demand support

The global central bank's gold purchase strategy continues, with official institutions increasing their holdings of gold by 863 tons in 2025, the Central Bank of Poland approving a 150-ton gold purchase plan, and the People's Bank of China increasing its holdings to 74.15 million ounces for 14 consecutive months. The share of US dollar reserves fell to a record low of 56.92%, and the share of gold rose to 28.9%. Institutional and private investment demand broke out simultaneously, with the total holdings of global gold ETFs reaching a peak of 4,025 tons, and the scale of Huaan gold ETFs exceeding 100 billion yuan.