According to newly released data, NBP's gold reserves reached about 550 tons, with a total value exceeding 63 billion euros. This figure not only puts Poland in the group of countries holding the largest gold in the region, but is also higher than ECB's gold reserves.
NBP Chairman Adam Glapiński has repeatedly emphasized the special role of gold in the national reserve structure over the years. According to him, gold is an asset that is not subject to credit risk, does not depend on the monetary policy of any other country and has good resistance to financial shocks.
High gold reserves directly contribute to strengthening the stability of the Polish economy," Mr. Glapiński affirmed, while considering this a pillar of long-term financial security.
NBP does not hide its ambition to go further. The goal is to increase gold reserves to 700 tons, with a total value of about 94 billion euros. In just over 1 year, the proportion of gold in Poland's total foreign exchange reserves has skyrocketed.
If in 2024, gold accounted for 16.86% of foreign exchange reserves, by the end of December 2025, this figure had reached 28.22% - one of the fastest increases in the world in the reserve structure of central banks.
Most of the large gold buying transactions were carried out in the last months of 2025, when the global market was heavily affected by geopolitical tensions and financial volatility. Based on Mr. Glapiński's proposal, the NBP leadership decided to continue to strategically increase the proportion of gold.
According to analysis by the World Gold Council, 2025 recorded a strong gold accumulation trend of central banks globally. With very few exceptions, most countries increased their gold holdings, considering this a protective barrier against monetary risks and financial crises.
Notably, 95% of central banks surveyed believe that total global gold volume will continue to increase in the next 12 months.
Explaining this trend, Ms. Marta Bassani-Prusik, Director of Investment and Foreign Exchange Products at the Polish Mint, said that gold brings rare independence. “Gold prices are not dependent on monetary policy and do not carry credit risk. At the same time, holding gold helps diversify assets and reduce dependence on the USD as well as other strong currencies,” she said.
NBP's gold purchases took place right when gold prices continuously set records. Although the price increase may slow down in 2026, major forecasts are still quite optimistic: ING forecasts an average gold price of about 4,150 USD/ounce, Deutsche Bank is 4,450 USD, Goldman Sachs raises to 4,900 USD, and J.P. Morgan does not even rule out a scenario of 5,300 USD/ounce if global demand continues to explode.
World gold prices as of 3:17 PM on January 22nd, Vietnam time, traded at 4,827.44 USD/ounce.
Regarding domestic gold prices in Vietnam, the price of SJC gold bars traded at 167.3 - 166.3 million VND/tael (buying - selling). The price of 9999 Bao Tin Minh Chau gold rings traded at 166.3 - 166.3 million VND/tael (buying - selling).
