The National Bank of Poland has sharply increased its gold holdings, pushing its bullion reserves to around 550 tonnes, now worth more than €63 billion. The move underscores Poland’s growing reliance on gold as a pillar of economic stability in an increasingly uncertain global environment.
Gold at the Heart of Poland’s Strategy
For years, NBP President Adam Glapiński has argued that gold plays a unique role in national reserves. Unlike other assets, it carries no credit risk, is not tied to the monetary policy of foreign governments, and tends to hold its value during financial shocks. According to the central bank, a strong gold position also supports confidence in the wider economy.
Poland’s ambitions go even further. The NBP has set a long-term goal of building its gold reserves to 700 tonnes, with total bullion holdings valued at around PLN 400 billion (€94 billion). As of the end of 2025, gold made up more than 28% of Poland’s foreign exchange reserves, up from just under 17% a year earlier — one of the fastest shifts seen among central banks worldwide.
A Global Rush for Bullion
Poland’s buying spree reflects a broader global trend. Data from the World Gold Council shows that central banks continued to accumulate gold throughout 2025, viewing it as a strategic hedge against currency instability and financial crises. Nearly all central banks surveyed expect global gold holdings to keep rising.
Marta Bassani-Prusik of the Mint of Poland explains that gold’s appeal lies in its independence. It is not influenced by interest rate decisions, reduces exposure to the US dollar and other currencies, and helps diversify reserves. Some analysts also believe that countries such as China and Russia may be buying more gold than they publicly disclose, possibly laying the groundwork for future monetary systems where gold plays a larger role.
Record Prices and a Growing Debate
Poland’s purchases have come during a period of record-high gold prices. While price growth may slow in 2026, major banks remain bullish, with forecasts ranging from $4,150 to over $5,000 per ounce, depending on global demand and geopolitical tensions.
The scale of Poland’s holdings is also symbolically significant. With around 550 tonnes of gold, the NBP now holds more bullion than the European Central Bank, whose reserves stand at roughly 506 tonnes. Supporters say this strengthens Poland’s position within Europe’s financial landscape.
Critics, however, argue that gold generates no income and that the funds used for purchases could instead be invested in interest-bearing assets like bonds. Others question whether such a high share of gold limits flexibility in managing reserves.
Despite the debate, Poland shows no sign of slowing down. In a world marked by uncertainty and shifting power balances, gold has returned to favour — and Poland is determined to be among the leaders embracing it.
