NBP Targets 700 Tons of Gold Reserves Amid Price Fluctuations

The National Bank of Poland held 632.4 tons of gold by the end of June, with Governor Adam Glapiński confirming plans to reach a 700-ton target despite market volatility.

Gold Holdings and Unrealized Gains

National Bank of Poland (NBP) Governor Adam Glapiński announced that as of the end of June, the bank held 632.4 tons of gold valued at approximately 308 billion PLN. This current valuation represents 127.5 billion PLN in unrealized gains for the central bank, reflecting the difference between market prices and the average acquisition costs.

Glapiński noted that the bank continues to acquire gold during price dips, maintaining a long-term strategic target of 700 tons set by the board.

Strategic Accumulation Since 2018

Since launching the gold accumulation strategy in 2018, the NBP has purchased a total of 529 tons of the precious metal. This includes 90 tons in 2024, 102 tons in 2025, and 82 tons in 2026. These efforts have solidified Poland’s position among the ten nations with the largest gold reserves globally.

Of the current 632.4 tons, 104.7 tons are held in domestic vaults. The bank plans to increase the amount of gold stored within Poland once the ongoing construction of a new secure vault facility is completed.

Global Inspections Confirm Reserve Security

In response to the significant increase in holdings, NBP officials conducted two expanded inspections of Polish gold stored at the Federal Reserve Bank of New York and the Bank of England in London last month. These audits used random statistical sampling to verify both the gold bars’ markings and their actual mass.

The Governor confirmed that the inspections revealed no security risks regarding access to the vaults or protected zones, describing both institutions as highly secure. Following a growth of 18.5 tons during June, the NBP remains committed to its objective of reaching the 700-ton reserve threshold.