Wedoany.com Report on Feb 3rd, he Polish National Bank (NBP) announced on Tuesday local time that it has approved a plan to purchase up to 150 tons of gold. This move will increase the country's total gold reserves to 700 tons.
The Polish central bank stated in a declaration: "This will place Poland among the top 10 countries globally in terms of gold reserves." NBP President Adam Glapinski announced last week that he hopes the central bank's management board will raise the upper limit for gold holdings from 550 tons as of December 31 to 700 tons.
Glapinski believes that gold is an asset with zero credit risk, unaffected by the monetary policy decisions of other countries, and possesses strong resilience to financial shocks. High gold reserves also help enhance the stability of the Polish economy.
According to estimated data at the end of December, gold accounted for 28.22% of Poland's foreign exchange reserves, making it one of the fastest-changing cases in reserve structure among global central banks.
In the final months of 2025, Poland significantly increased its gold holdings, a period coinciding with heightened market volatility and escalating geopolitical tensions.
Analysis from the World Gold Council indicates that the trend of global central banks increasing gold holdings continued in 2025. With few exceptions, most countries are adding to their gold reserves as a strategic asset to hedge against currency and financial crises. In 2025, as many as 95% of surveyed central banks anticipated further growth in gold reserves 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 purchase gold is that its price is not influenced by monetary policy and credit risk. Equally important is asset diversification and reducing the proportion of the US dollar and other currencies in reserves.
The news that Poland's gold reserves have surpassed those of the European Central Bank (ECB) holds significance far beyond the symbolic level. The ECB's gold reserves are approximately 506.5 tons. In contrast, the NBP's holdings of 550 tons are remarkable and further strengthen Poland's position within the European financial system.
The Polish central bank's gold-buying actions come at a time when gold prices are repeatedly hitting record highs. Although the pace of price increases may slow in 2026, forecasts from major financial institutions remain optimistic. ING expects an average price around $4,150 per ounce, Deutsche Bank projects $4,450, and Goldman Sachs has raised its forecast to $4,900. Under a scenario of strong global demand, J.P. Morgan even predicts the price could reach $5,300 per ounce.
Bassani-Prusik emphasized: "Rising central bank demand is a response to economic tensions and geopolitical changes. Although institutional purchases do not directly drive up prices, they indirectly influence the decisions of individual investors."
As experts from the Polish Mint point out, the greater the market uncertainty, the greater the interest investors show in gold as a safe-haven asset, and the growing recognition of gold's role in protecting assets for long-term investment.
However, some economists oppose this view, arguing that an excessively high proportion of gold may be detrimental to flexible reserve management in a modern economy, and funds could be more effectively allocated to other, more productive investments.
