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[When Will Central Banks' Gold Hoarding End? If Gold Prices Break $5790, Gold Will Become a Major Reserve Asset] ⑴ The global central bank gold-buying frenzy continues, but the market is beginning to question the limits of this trend. A financial magazine article points out that central banks currently hold approximately $13 trillion in foreign exchange reserves and 36,000 tons of official gold. At a gold price of $5500, the value of central bank gold holdings is approximately $6.37 trillion. ⑵ A key tipping point is approaching. Deutsche Bank research shows that when gold prices reach $5790, the value of central bank gold reserves will exceed their dollar reserves. This means that gold will officially become a major global reserve asset, rewriting the weighting structure of the international monetary system. ⑶ The dual interplay of interest rate environments provides a complex backdrop for gold prices. The Federal Reserve is committed to maintaining stable interest rates, while the Trump administration is pushing for rate cuts. This policy divergence has made the global interest rate path and inflation outlook uncertain, strengthening gold's value as a hedging tool. (4) Central bank gold purchases have shifted from short-term hedging to long-term strategic adjustments. The narrative of de-dollarization and the demand for diversification of foreign exchange reserves have led to gold's role in reserve asset portfolios evolving from a peripheral supplement to a core weight. Even with gold prices near historical highs, some central banks continue to increase their holdings. (5) The $5,790 gold price level is not only a mathematical critical point, but could also trigger a chain reaction of asset revaluation. Once gold becomes a major reserve asset, its pricing logic will shift from commodity attributes to monetary attributes, and central banks' tolerance for gold price fluctuations and their willingness to intervene will be reshaped accordingly.