The National Bank of Poland (NBP) has pushed its gold holdings to roughly 550 tonnes, valued at over €63 billion, reinforcing the country’s financial stability. NBP President Adam Glapiński has long highlighted gold’s special role in the nation’s reserves, pointing out that it carries no credit risk, is independent of other countries’ monetary policies, and offers protection against economic shocks. The bank’s long-term goal is to reach 700 tonnes, bringing total bullion reserves to around PLN 400 billion (€94 billion).
Rapid Growth in Gold Holdings
Gold’s share of Poland’s foreign exchange reserves has risen sharply. In 2024, it accounted for just 16.86% of reserves, but by the end of 2025, that figure jumped to 28.22%, one of the fastest changes among central banks globally. Most of the purchases were made in late 2025, during a period of market volatility and geopolitical tensions. Glapiński has stated that the NBP will continue to strategically increase its gold reserves, with a plan to reach 700 tonnes.
Central Banks Follow the Gold Trend
Poland’s move mirrors a broader global pattern. According to the World Gold Council, central banks worldwide increased their gold holdings in 2025, using bullion as a hedge against currency risks and financial instability. Around 95% of surveyed central banks expect to continue growing their reserves in the coming year. Marta Bassani-Prusik of the Mint of Poland explains that gold’s independence from monetary policy, protection from credit risk, and ability to diversify away from the dollar make it an attractive option. Analysts also note that countries like China and Russia may be quietly boosting reserves in preparation for a potential shift in the global monetary system.
Surpassing the ECB and Market Outlook
Poland now holds more gold than the European Central Bank (506.5 tonnes), a symbolic and strategic achievement that strengthens its position in Europe’s financial landscape. Critics argue that the money could earn interest if invested in bonds, but NBP officials see gold as vital for long-term security. Prices have recently hit record highs, with forecasts for 2026 ranging from $4,150 to $5,300 per ounce. As uncertainty grows in global markets, gold is regaining favor among investors, both institutional and retail. While some economists question the heavy focus on bullion, Poland’s ongoing purchases suggest it intends to remain a leading player in gold strategy amid rising geopolitical and economic challenges.
