CBRT Governor Karahan says global central banks are rediscovering gold

The CBRT itself has prior form here, having been among the more active official buyers and sellers of gold in recent years, partly reflecting domestic demand management rather than pure reserve strategy, so its commentary carries an insider's read on flows. The relevant distinction is between central bank purchases as a slow, price-insensitive accumulation channel and the speculative positioning that drives the front end of moves in gold; the former sets the floor, the latter the volatility. Commentary of this kind historically has little immediate market footprint on its own but has tended to coincide with periods where real yields, the dollar, and reserve diversification headlines were already the dominant drivers. What is worth noting next is whether the remark is followed by reserve data confirming continued accumulation and whether other reserve managers echo the framing.