Poland further expands its gold reserves

The Polish central bank once again significantly increased its gold reserves in March, apparently taking advantage of a correction on the global market. According to calculations based on current data, holdings rose to around 583 tons - a further step towards the ambitious target of 700 tons. The published figures show that the National Bank of Poland is likely to have increased its stocks by around 13 tons. This would make March the second month in a row with strong purchases, after more than 20 tons of gold had already been acquired in February. In total, the reserves now amount to around 18.76 million ounces. The market environment in which the purchases took place is remarkable. International gold prices were extremely volatile in March. Following geopolitical tensions in the Middle East, the price initially jumped to a record level before correcting significantly within a short period of time. At its peak, the price fell by more than a quarter - an opportunity that the NBP clearly took advantage of. At the end of March, the total value of the gold reserves was around 84.4 billion US dollars. Despite the increase in physical holdings, this figure fell significantly compared to February - an effect of the fall in prices in the meantime. The central bank itself has not yet commented on the details of the transactions. Neither the timing nor the average purchase price have been disclosed. Official confirmation of the exact holdings is not expected until the next detailed report on foreign exchange liquidity. One thing is certain, however: Poland has been one of the world's most active gold buyers for years. In the past three years alone, the central bank has increased its holdings by more than 320 tons. With the latest purchases, the country has moved further up the international rankings and is now one of the largest gold holders in the world - ahead of institutions such as the European Central Bank or countries such as the UK and Spain. The strategy behind this is clear: gold should serve as a stable anchor of value and strengthen the resilience of currency reserves - especially in an environment of growing geopolitical uncertainty and volatile financial markets. The post Poland further expands gold reserves appeared first on ostwirtschaft.de.