In an international context marked by geopolitical uncertainty, financial volatility and renewed demand for safe-haven assets, gold has once again gained weight in central bank strategies. Poland is today one of the most evident examples of this trend, at a time when it is rapidly increasing the precious metal in its official reserves.
The latest official update available shows that , the Polish central bank, held at the end of January 550.2 tonnes of gold, valued at 313.7 billion zlotys, more than 64 billion euros. According to the bank itself, this amount already represented 30.2% of the country’s official reserves.
Poland’s bet on gold did not, however, remain at 550 tons. On January 20 of this year, Adam Glapiński, governor of the Polish central bank, announced in an official note that Narodowy Bank Polski decided to further increase reserves, setting a new target of 700 tons. In the same communication, the official stated that this level would place Poland in the “elite” of the ten countries with the largest gold reserves in the world.
Reinforcement has been rapid. In official accounts for 2024, the Polish central bank indicates that it purchased 89.5 tons of gold that year. In the 2023 annual report, the NBP said it wanted the precious metal to represent 20% of official reserves, equivalent to almost 600 tons.
The evolution known in the meantime shows that the institution went beyond this threshold in percentage terms, helped by purchases and the appreciation of gold.
Poland already surpasses the European Central Bank (ECB) in gold
The size achieved by Polish reserves becomes clearer when compared with that of the ECB. In the 2025 annual accounts, the ECB reports that it held 506.5 tonnes of gold, the same amount as in 2024. This means that, based on the most recent official data available, Poland already has more gold than the latter, according to .
The Polish central bank’s justification has been consistent. In statements released by the NBP itself, those responsible for the institution argue that gold helps to diversify the risk of other applications and can reinforce the profitability of the reserve portfolio in periods of greater instability.
At the same time, the central bank says reserve management continues to prioritize safety and liquidity.
Trend goes far beyond Poland
The Polish case does not arise in isolation. In a report published in June 2025, the ECB noted that central banks purchased more than a thousand tons of gold in 2024, double the annual average of the previous decade.
The same analysis states that central banks’ global gold reserves reached 36 thousand tons and that, at market prices, gold now represents 20% of global reserves, above the euro’s share, which stands at 16%.
It is in this context that Poland’s strategy gains meaning. Warsaw is not just increasing a financial position. It is also aligning with an international trend in which gold regains its centrality as a reserve asset in a more fragmented world more exposed to external shocks.
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