The National Bank of Poland's gold holdings have reached 550 metric tons—exceeding the ECB’s 506.5 tons—and are valued at over EUR 63 billion.
Gold now accounts for 28.2 percent of Poland’s foreign exchange reserves, up from 16.9 percent in 2024, marking one of the fastest shifts among global central banks.
“Gold is free of credit risk, independent of the monetary policy decisions of other countries, and resistant to financial shocks,” said Adam Glapiński, governor of the National Bank of Poland (NBP), who has led the bank’s push for gold accumulation.
“It contributes to the stability of the Polish economy," he added.
Glapiński said the bank aims to raise reserves to 700 tons, with a total bullion value target of PLN 400 billion (EUR 94 billion).
According to the World Gold Council, 95 percent of surveyed central banks expect gold holdings worldwide to increase over the next year. Many view gold as a hedge against currency and financial crises, and as a way to diversify away from the dollar.
The NBP’s largest gold purchases took place in late 2025 during heightened market volatility. The bank’s strategy aligns with broader concerns about economic resilience and a changing international monetary landscape.
However, some economists warn that allocating significant funds to gold, which does not generate income, may come at the cost of more productive investments such as bonds.
Still, gold prices have soared, with forecasts for 2026 ranging from USD 4,150 to over USD 5,000 per ounce.
(jh/gs)
Source: Euronews, PAP