Referenced assets
- NBP bought around 13 tons of gold in March, despite a sharp drop in prices
- Total reserves increased to approximately 580 tons
- The central bank aims to reach 700 tons of gold reserves
- Poland is now just over 30 tons away from the global top
Taking advantage of the price correction
Recent estimates indicate that the National Bank of Poland continued its strong gold purchases in March 2026, taking advantage of a sharp market correction. The value of gold reserves fell to around 84.4 billion US dollars, down nearly 9.5 billion compared to the previous month, but this decline was entirely due to lower gold prices.
Gold prices dropped significantly during March. After rising above 5400 dollars per ounce, they fell to around 4100 dollars, marking a temporary correction of more than 24 percent. This period appears to have been used by the central bank to increase its holdings.
Estimated increase and confirmation
Taking price levels into account, it is estimated that the NBP increased its gold holdings by approximately 417 thousand ounces, or nearly 13 tons. This would bring total reserves to around 583 to 584 tons.
Indirect confirmation came from Adam Glapiński, who stated that current gold reserves stand at about 580 tons, compared with roughly 570 tons at the end of February. Official figures for March will be released on April 21.
Strategic importance and long term goal
Despite the increase in physical holdings, the share of gold in total reserves declined slightly from around 31 percent to 29.38 percent, mainly due to falling prices.
The NBP continues to treat gold as a key element of financial security and diversification. The central bank maintains its target of increasing reserves to 700 tons, with around 130 tons still needed at the beginning of the year.
Source: Bloomberg
Poland approaching the global top tier
Strong purchases have significantly improved Poland’s global position. The NBP likely surpassed the Turkish central bank, which reduced its gold holdings in March through sales and swaps.
According to data from the International Monetary Fund, Poland is now just over 30 tons away from entering the top 10 countries with the largest gold reserves, excluding the IMF.
If the current pace continues, this milestone could be reached sooner than previously expected.
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