The National Bank of Poland (NBP) has significantly increased its gold holdings, now totaling around 550 tonnes and valued at over €63 billion. NBP President Adam Glapiński has long highlighted gold’s role as a stable, risk-free asset, independent of global monetary policies and resistant to financial shocks. The bank aims to eventually reach 700 tonnes, boosting the total value of reserves to about PLN 400 billion (€94 billion).
Rapid Growth in Gold Holdings
Gold’s share of Poland’s foreign reserves has surged from 16.86% in 2024 to 28.22% by the end of 2025, one of the fastest structural shifts among central banks worldwide. Most of these purchases occurred during the final months of 2025, a period marked by market volatility and geopolitical uncertainty. Glapiński has indicated plans to further expand gold reserves as a strategic move to strengthen Poland’s economic resilience.
Global Trend Toward Gold
Poland’s gold accumulation reflects a broader international trend. According to the World Gold Council, nearly all central banks increased their gold holdings in 2025, treating it as a hedge against financial crises. Marta Bassani-Prusik from the Mint of Poland notes that gold offers independence from monetary policy, reduces reliance on other currencies like the dollar, and provides portfolio diversification. Analysts also point to secretive purchases by countries like China and Russia, suggesting preparations for a financial system where gold plays a larger role.
Outpacing the ECB Amid Rising Prices
Poland now holds more gold than the European Central Bank, whose reserves stand at around 506.5 tonnes. While critics argue that the funds could generate interest elsewhere, NBP sees bullion as a key element of long-term security. Gold prices reached record highs in 2025, and forecasts for 2026 remain strong, with estimates ranging from $4,150 to $5,300 per ounce. Amid geopolitical tensions and market uncertainty, gold is increasingly seen as a safe-haven asset, and Poland is positioning itself at the forefront of this global trend.
