NBP bought gold for the first time in two years

The National Bank of Poland increased its gold reserves to 230.54 tons. Although the recent purchase was modest, it is the first such move in two years.

In May, the NBP increased its gold reserves to 7.412 million ounces from 7.352 million ounces, the central bank said this week.

That means the NBP bought 60,000 ounces of gold, or 1,866 kg. Nearly two tons of bullion may be impressive, but compared to previous central bank purchases, it seems modest.

At the end of 2020, the NBP’s gold reserves amounted to 228.7 tons, most of which were purchases made in 2019. At that time, the NBP bought about 125 tons of gold.

(money.pl)