①The central bank of Poland has approved the purchase of up to 150 tons of gold, which will increase its gold reserves to 700 tons, ranking among the top ten globally; ②The scale of 550 tons held by the central bank of Poland is remarkable and further strengthens Poland’s position in the European financial system.
Cailian Press, January 21 (edited by Niu Zhanlin) – The National Bank of Poland (NBP) announced on Tuesday local time that it had approved a plan to purchase up to 150 tons of gold, a move that would increase the country’s total gold reserves to 700 tons.
The central bank of Poland stated in a declaration: “This will place Poland among the top 10 countries with the largest gold reserves globally.” Last week, Adam Glapinsk, governor of the central bank of Poland, announced his hope that the central bank’s management committee would raise the cap on gold holdings from 550 tons as of December 31 to 700 tons.
Glapinsk believes that gold is an asset with zero credit risk, is unaffected by monetary policy decisions of other countries, and demonstrates strong resilience against financial shocks. Large gold reserves also help enhance the stability of Poland’s economy.
Estimates as of the end of December indicate that gold accounted for 28.22% of Poland’s foreign exchange reserves, making it one of the fastest-changing reserve structure cases among global central banks.
In the final months of 2025, Poland significantly increased its gold holdings amid heightened market volatility and escalating geopolitical tensions.
According to analysis by the World Gold Council, central banks globally continued to show a trend of increasing gold purchases in 2025. With few exceptions, most countries are boosting their gold holdings, treating it as a strategic asset to hedge against currency and financial crises. As of 2025, up to 95% of surveyed central banks expect their gold reserves to continue growing over the next 12 months.
Marta Bassani-Prusik, director of the Investment Products and Foreign Exchange Value Department at the Polish Mint, explained that one reason central banks buy gold is because its price is unaffected by monetary policy and credit risk. Equally important are asset diversification and reducing the proportion of dollars and other currencies in reserves.
The news that Poland’s gold reserves have surpassed those of the European Central Bank holds significance beyond symbolism. The European Central Bank’s gold reserves stand at approximately 506.5 tons. In comparison, the 550-ton scale held by the central bank of Poland is remarkable and further consolidates Poland’s standing in the European financial system.
The central bank of Poland’s gold purchasing actions come at a time when gold prices are continuously setting new historical records. Although the pace of price increases may slow in 2026, forecasts from major financial institutions remain optimistic. ING predicts an average price of about $4,150 per ounce, Deutsche Bank forecasts $4,450, and Goldman Sachs has raised its prediction to $4,900. Under scenarios of robust global demand, JPMorgan even anticipates prices could reach $5,300 per ounce.
Bassani-Prusik emphasized, ‘The increase in central bank demand is a response to economic tensions and geopolitical changes. Although institutional purchases do not directly drive up prices, they indirectly influence individual investors’ decisions.’
As experts from the Polish Mint have pointed out, the higher the market uncertainty, the greater the investors’ interest in gold as a safe-haven asset, and there is an increasing recognition of gold’s role in protecting assets in long-term investments.
However, some economists oppose this view, arguing that an excessively high proportion of gold may not be conducive to flexible reserve management in a modern economy, and funds could potentially be allocated more effectively to other, more productive investments.
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Editor/Stephen