Poland’s National Bank has increased its gold reserves to approximately 550 tonnes, valued at over €63 billion. Over the years, the bank’s president, Adam Glapiński, has emphasized the special role of gold in the country’s reserve structure, highlighting its status as a credit-risk-free asset, independent of other countries’ monetary policies, and resilient against financial shocks.
Glapiński noted that higher gold reserves contribute to the stability of the Polish economy. The bank has set ambitious long-term goals, aiming to reach 700 tonnes of gold, with total bullion reserves valued at around PLN 400 billion (€94 billion).
By 2024, gold accounted for 16.86% of Poland’s foreign exchange reserves. Estimates at the end of December 2025, however, showed a jump to 28.22%—one of the fastest shifts in reserve composition among central banks globally. Most of the significant purchases occurred in the final months of 2025, amid volatile markets and rising geopolitical tensions.
Under Glapiński’s initiative, the bank’s board decided to continue its strategic increase in gold holdings. In January, he announced plans to propose a decision to raise the reserves to 700 tonnes.
A Global Trend Towards Gold
World Gold Council analyses indicate that 2025 continued the global trend of central banks accumulating gold. With few exceptions, most countries increased their holdings, viewing gold as a strategic hedge against currency crises and financial instability. A 2025 survey showed that 95% of central banks expected to increase global gold holdings over the following twelve months.
Marta Pasani-Brośk, Director of Investment Products and Foreign Currency Valuation at the Polish Mint, explained that key drivers of gold investment include its independence from monetary policy, immunity to credit risks, diversification of assets, and reduced reliance on the U.S. dollar and other currencies in reserves.
Experts note that some central banks do not fully disclose their purchases, with China and Russia often mentioned in this context. Market observers suggest that such moves may reflect preparations for alternative monetary frameworks where gold plays a greater role.
Reserves Surpassing the European Central Bank
Poland’s gold holdings now exceed those of the European Central Bank (ECB). While the ECB manages monetary policy for the Eurozone, its gold reserves remain relatively limited, leaving national central banks to hold the bulk of physical bullion. The ECB holds around 506.5 tonnes, compared with 550 tonnes in Poland, enhancing Poland’s position within Europe’s financial structure.
Critics argue that aggressive gold purchases may tie up funds that could otherwise generate regular income through bonds, as gold does not provide ongoing yield.
Record Prices and 2026 Outlook
The bank’s purchases coincided with gold reaching historic price levels. Despite potential slower gains in 2026, major institutions remain optimistic: ING forecasts an average near $4,150 per ounce, Deutsche Bank projects $4,450, and Goldman Sachs has raised its estimate to $4,900. In a scenario of strong global demand, J.P. Morgan does not rule out prices reaching $5,300 per ounce.
Pasani-Brośk emphasizes that rising central bank demand reflects dynamic economic and geopolitical tensions. Institutional purchases, while not directly affecting prices, indirectly influence individual investors’ decisions.
For Poland’s National Bank, gold remains a cornerstone of long-term financial security strategy. Amid growing market uncertainty, demand for “safe haven” assets rises, alongside increasing awareness among private investors of gold’s role in capital protection over the long term.
Although some economists caution that raising gold allocations may limit reserve management flexibility, reaching 550 tonnes marks a significant milestone. The announcements suggest that Poland’s strategy is far from complete. In a changing global financial landscape marked by geopolitical tensions, gold is once again at the forefront—and Poland aims to lead the charge.
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