Poland Reaches 700-Tonne Gold Target, Leaves Door Open to Further Buying
Key Facts
The National Bank of Poland reached its stated target of 700 metric tons of gold reserves, and Governor Adam Glapiński said on November 5 that the bank had not ruled out further purchases. His remarks came after the bank decided the previous day to leave interest rates unchanged. Glapiński said he "sees no reason to stop buying gold." He added that the country’s metal reserves should grow in line with the bank’s total reserves. The bank thus confirmed it had reached its existing target while leaving the door open to future purchases.
Glapiński said Poland’s gold holdings were worth 356 billion zlotys, equivalent to 91.4 billion dollars, according to a Reuters report. The figure provides a measure of the current value of the stock that reached the stated target, alongside its tonnage. Poland announced in January 2026 that it would raise its gold reserves to 700 tons. At the end of June, holdings stood at 632 tons after the addition of 51 tons in the second quarter. That brought first-half purchases to 82 tons, according to the World Gold Council.
Purchase data for the year show a rapid pace of accumulation before the target was reached. In the first quarter, Poland added 31 tons, bringing its holdings to 582 tons by quarter-end, and was the largest buyer among central banks that quarter, according to the World Gold Council. The bank then added another 51 tons in the second quarter, taking holdings to 632 tons at the end of June. A Reuters report estimates that the bank bought 27 tons in October. That month’s purchases coincided with a 7% decline in the spot gold price, the report said.
By the end of September, gold accounted for 31% of Poland’s reserves, and the country was the world’s tenth-largest holder of gold reserves, Reuters reported, citing the World Gold Council. This share places gold among the components of Poland’s reserves, while Glapiński said its holdings should grow in line with total reserves. Globally, central banks’ net purchases totaled 61 tons in September, the highest monthly total in 2026 up to that point. Announced net purchases since the start of the year reached 228 tons through September, 7% less than in the same period a year earlier. In the second quarter, global net central-bank demand totaled 289 tons, five times the revised first-quarter estimate of 57 tons.
The long-term storage plan calls for gold to be divided equally among three locations: the Federal Reserve Bank of New York, the Bank of England in London, and a vault in Poland. The governor said the bank plans to increase domestic storage after completing the renovation of a building in Warsaw that will house a large, modern vault. The plan therefore combines overseas custody sites with domestic storage, increasing the share held in Poland once work on the building is complete. The statement did not specify when the renovation would be completed or when the increase in domestic storage would begin.
The bank’s move comes amid global central-bank demand for gold, despite a slowdown in announced purchases since the start of the year compared with the same period a year earlier. In the World Gold Council’s 2026 survey, 89% of respondents expected global gold reserves to rise over the following twelve months, while 45% expected to increase their own holdings. These results remain survey respondents’ expectations, while Glapiński said the bank sees no reason to stop buying. The governor did not announce a new gold target or a timetable for additional purchases.