Macro · Warsaw, New York, and London
Poland's gold reserves climb to 632.4 tonnes, NBP chief confirms 700-tonne target
The National Bank of Poland held 632.4 tonnes of gold at the end of June, worth about 308 billion złoty, president Adam Glapiński said on Thursday. The central bank is steadily buying more to reach a board-mandated target of 700 tonnes.
In brief
NBP's gold reserves reached 632.4 tonnes, worth about 308 billion złoty, after an 18.5-tonne increase in June.
The difference between the market price and the average purchase price of the gold gives the central bank a paper profit of 127.5 billion złoty.
With 529 tonnes bought since 2018, Poland now ranks among the ten countries with the largest gold reserves worldwide.
About one-sixth of the reserves are kept in NBP vaults in Poland; the rest is held at the New York Fed and the Bank of England.
Random-sample checks in London and New York in June verified bar markings, weight, and the absence of security risks.
- 2025102 tonnes purchased
- 30 JunReserves reach 632.4 tonnes
- 9 JulGlapiński announces inspections and 700-tonne target
Reserve growth and unrealised gains
Poland's gold reserves rose by 18.5 tonnes in June alone, reaching 632.4 tonnes by the end of the month. The market value stood at roughly 308 billion złoty, according to NBP president Adam Glapiński. The bank's unrealised gains on the metal now total 127.5 billion złoty.
“This is the difference between the market price of our gold holdings and the average price at which we bought it.”
Buying strategy since 2018
Since adopting a strategy to increase gold reserves in 2018, the NBP has purchased 529 tonnes of bullion. Annual purchases were 90 tonnes in 2024, 102 tonnes in 2025, and 82 tonnes so far in 2026. The pace has pushed Poland into the top ten countries globally by gold reserves.
“We are steadily accumulating this gold until we reach the 700-tonne level, as the board once decided.”
- 2024
- 90 tonnes
- 2025
- 102 tonnes
- 2026
- 82 tonnes
Data from the article text
Where the gold is stored
Of the 632.4 tonnes, 104.7 tonnes are held in NBP vaults on Polish soil. That domestic share is set to grow once the bank completes a building renovation that will house a new strongroom. The remainder is kept abroad, primarily at the Federal Reserve Bank of New York and the Bank of England in London.
June inspections abroad
On Glapiński's orders, two extended inspections of Polish gold stored in New York and London were carried out in June. The checks, conducted on a randomly selected statistical sample, verified the markings and actual weight of the bars. No security risks were found.
“During the inspections in both London and New York, no security risks were identified, particularly regarding access to the facility and highly protected areas. Both banks are very well protected, and our assets there are as well.”