Bundesbank chief: geopolitics reshaping growth, policy, gold demand

In a keynote, Bundesbank President Nagel argues geopolitical fragmentation is altering global growth, monetary policy trade-offs, and central banks' reserve management, with gold regaining prominence as a reserve asset. The speech signals a shift in official-sector thinking toward geopolitical risk in portfolio allocation, potentially supporting structural gold demand. Uncertainty remains on how far this translates into actual policy or reserve shifts.