NBP Govenor Glapinski says the Bank has 672 tonnes of gold; forecasts indicate that inflation could return to the target range in October

Two distinct threads here. The gold holding figure is consistent with a sustained pattern among central banks, particularly in Central and Eastern Europe, of adding to official reserves as a diversification away from reserve currency concentration; NBP has been an active and vocal participant in that trend, and such disclosures tend to be read as structural support for gold demand rather than as a discrete market event. The inflation remark is the more rate-relevant element: a governor pointing to a specific month for a return to target signals that the easing path is data-dependent but intact, and remarks of this kind historically matter most for the front end of the domestic curve and the zloty, with the sensitivity concentrated in the next CPI prints relative to that implied timeline. The distinction worth drawing is between inflation returning to target and staying there: the former has tended to keep cuts on track, the latter determines terminal pricing. The follow-ons are the incoming inflation releases against the governor's own marker and whether other MPC members echo the framing. NBP communication has a track record of leaning dovish relative to consensus, which conditions how the remark is typically discounted.