BlockBeats News, January 25th. According to Bitget market data, spot gold rose by another 1.01% intraday, now trading at $4986.13 per ounce, approaching the historic $5000 per ounce mark. Gold has now surpassed U.S. Treasuries to become the largest single reserve asset held by global central banks, marking the first historic reversal since 1996. According to the latest World Gold Council data, the total value of non-U.S. central bank gold reserves has approached or exceeded $4 trillion, slightly higher than the total of around $3.9 trillion U.S. Treasury bonds held by various central banks. In 2025, the gold price skyrocketed by nearly 65%, refreshing historical records over 50 times throughout the year. On January 1, 2025, the gold price was $2624.27 per ounce, with an annual average of $4318.53 per ounce. Since the beginning of 2026, in just 25 trading days, it has once again recorded a roughly 15% increase.Emerging market central banks have been the most active buyers of gold, using it to hedge geopolitical risks, U.S. dollar credit concerns, sanction risks, and the de-dollarization trend. Gold is seen as a "neutral" asset with no counterparty risk, with its share in global reserves rising to about 18%. Global reserve management is undergoing structural changes, as central banks shift from relying on USD assets to diversified hard asset allocations.Ray Dalio, founder of Bridgewater Associates, stated this week at the Davos World Economic Forum that the global monetary order is collapsing, with the U.S. and its allies losing trust in each other, and he suggested buying gold. In the past, people used fiat currency and bonds as a "piggy bank," but central banks around the world are starting to think that there might be a "bomb" in this piggy bank, as the world is heading towards a capital war.