Fed's Williams said it remains unclear how stablecoins will affect reserve demand.

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Polish central bank Governor Glapinski said the bank has purchased 82 tonnes of gold year-to-date, including 37 tonnes added since April — roughly $5bn at current prices — buying into a more-than-10% drop in gold since April. He said purchases were opportunistic; Poland’s reported 2025 gold buying exceeded any other central bank’s and is expected to continue setting records this year. The bank reiterated a 700-tonne gold reserve target and said current holdings total 632.4 tonnes, with 105 tonnes stored in Poland and the remainder held in London and New York.