Poland continues to expand its gold reserves

The Polish central bank once again significantly increased its gold reserves in March, apparently taking advantage of a correction in the global market. According to calculations based on current data, reserves rose to around 583 tons—another step toward the ambitious goal of 700 tons.

The published figures indicate that the National Bank of Poland likely expanded its holdings by about 13 tons. This would make March the second consecutive month of substantial purchases, following the acquisition of more than 20 tons of gold in February. Total reserves now amount to approximately 18.76 million ounces.

Noteworthy is the market environment in which the purchases took place. International gold prices were extremely volatile in March. Following geopolitical tensions in the Middle East, the price initially jumped to a record high before correcting sharply within a short period of time. At its peak, the price fell by more than a quarter—an opportunity that the NBP apparently took full advantage of.

The total value of gold reserves stood at around $84.4 billion at the end of March. Despite the expansion of physical holdings, this figure fell significantly compared to February—an effect of the interim price decline.

The central bank itself has not yet commented on the details of the transactions. Neither the timing nor the average purchase price has been disclosed. An 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 most active gold buyers worldwide 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 among the world’s largest gold holders—ahead of institutions such as the European Central Bank and countries like the United Kingdom and Spain.

The strategy behind this is clear: Gold is intended to serve as a stable store of value and strengthen the resilience of currency reserves—especially in an environment of growing geopolitical uncertainty and volatile financial markets.