Poland has sharply increased its gold reserves, with the National Bank of Poland now holding around 550 tonnes of bullion worth more than €63 billion. The move underlines a long-term strategy to strengthen economic stability at a time of growing global uncertainty.
A Strategic Shift Toward Bullion
For years, National Bank of Poland president Adam Glapiński has argued that gold plays a unique role in the country’s reserves. Unlike other assets, it carries no credit risk, is unaffected by foreign monetary policy decisions and tends to hold its value during financial shocks. According to the central bank, large gold holdings help anchor confidence in the wider economy.
The pace of accumulation has been striking. In 2024, gold made up just under 17% of Poland’s foreign exchange reserves. By the end of 2025, that figure had jumped to more than 28%, one of the fastest shifts seen among central banks worldwide. Most of the buying took place during the final months of 2025, a period marked by heightened market volatility and geopolitical tensions.
Ambitions That Go Beyond Europe
The central bank is not stopping there. Its stated goal is to raise gold reserves to 700 tonnes, with total bullion holdings valued at roughly PLN 400 billion (€94 billion). If achieved, this would further elevate Poland’s standing in Europe’s financial system.
Poland already holds more gold than the European Central Bank, whose reserves stand at about 506.5 tonnes. While the ECB oversees eurozone monetary policy, most gold ownership sits with national central banks. Poland’s growing stockpile therefore carries symbolic weight, reinforcing its influence within the European financial architecture. Critics, however, argue that money spent on gold could be invested in interest-bearing assets such as bonds, noting that bullion generates no ongoing income.
Global Demand and Record Prices
Poland’s strategy mirrors a wider global trend. According to the World Gold Council, 2025 saw central banks continue to accumulate gold as a hedge against currency risk and financial instability. A survey found that 95% of central banks expect global gold holdings to rise further in the coming year.
Analysts say gold’s appeal lies in diversification and its independence from major currencies, particularly the US dollar. Some observers believe certain countries underreport their purchases, suggesting bullion could play a bigger role in future monetary systems.
The buying spree has coincided with record gold prices. While growth may slow in 2026, major banks remain optimistic, with forecasts ranging from around $4,150 to as high as $5,300 per ounce. Rising central bank demand, experts say, reflects deeper economic and geopolitical tensions and continues to shape investor sentiment.
For Poland, reaching 550 tonnes marks a major milestone. With further purchases planned, gold is clearly central to its vision of long-term financial security in an increasingly uncertain world.
