23:26 11 September 2025
Poland boosts gold reserves
Gold remains a key safe-haven asset, increasingly valued in Poland both by the state and private investors. The National Bank of Poland (NBP) holds nearly 205 billion złoty in gold, with reserves now exceeding 500 tons—13th worldwide, ahead of the European Central Bank. Since 2018, NBP has expanded holdings aggressively, buying a record 67 tons this year. In Q1 2025 alone, Poland purchased 49 tons, the most of any central bank, followed by another 19 tons in Q2. Gold now makes up over 21% of NBP reserves, above the 20% target, and President Adam Glapiński plans to propose raising it to 30%.
Private demand is also rising: 15% of Poles report investing in gold, while bar and coin demand in Europe grew 156% year-on-year in Q2. Goldman Sachs forecasts prices could hit $4,000 per ounce by mid-2026, underscoring gold’s enduring role as crisis insurance.
