Poland has significantly boosted its gold reserves, now holding around 550 tonnes valued at over €63 billion. For years, National Bank of Poland (NBP) president Adam Glapiński has highlighted gold as a cornerstone of the country’s financial stability, and recent moves show that ambition is far from symbolic.
A Strategic Shift in Reserves
In just over a year, gold’s share of Poland’s foreign reserves jumped from 16.86% in 2024 to 28.22% by December 2025, one of the fastest changes among central banks worldwide. Most of these acquisitions took place during the final months of 2025 amid market volatility and rising geopolitical tensions.
Glapiński has long argued that gold is a safe, independent asset free from credit risk and resistant to global financial shocks. High bullion reserves also contribute to economic stability, and the NBP plans to continue increasing holdings toward a target of 700 tonnes, valued at roughly PLN 400 billion (€94 billion).
Following a Global Trend
Poland’s accumulation mirrors a global trend among central banks. According to the World Gold Council, most countries increased gold holdings in 2025, treating bullion as a hedge against currency instability and financial crises. Surveys show that 95% of central banks expect to continue adding gold over the next year.
Marta Bassani-Prusik from the Mint of Poland notes that gold’s appeal lies in its independence from monetary policy and credit risk, as well as its role in diversifying reserves away from dollars and other major currencies. Observers also point out that some nations, including China and Russia, may be quietly building reserves as a safeguard for a potential future financial system where gold plays a larger role.
Outpacing the ECB and Future Outlook
Poland now holds more gold than the European Central Bank, which manages the eurozone’s monetary policy but keeps only 506.5 tonnes in reserves. This milestone strengthens Poland’s influence in Europe’s financial architecture. Critics, however, argue that funds used for gold could generate interest if invested in bonds, as gold provides no current income.
Gold prices reached record highs during Poland’s recent purchases, and forecasts for 2026 remain strong, with analysts predicting average prices between $4,150 and $5,300 per ounce depending on global demand. For the NBP, gold is less about immediate returns and more about long-term security.
Experts note that in times of uncertainty, investors—both institutional and retail—gravitate toward “safe haven” assets like gold. While some economists question whether such a high proportion of bullion is optimal for a modern, flexible reserve strategy, Poland’s continued acquisitions signal that the country sees gold as a central pillar of its financial resilience in a world of geopolitical shifts and evolving economic risks.
