Poland's gold buying holds steady in August as reserves near 700-ton goal

Poland's central bank added 7.8 metric tons of gold to its reserves in August, lifting its total holdings to 648 metric tons, according to data released on Thursday. The purchase matched the amount bought in July, keeping the monthly pace steady.

Speaking at a press conference after the bank's interest rate decision, National Bank of Poland Governor Adam Glapinski said the institution remains on course to expand its reserves to 700 tons, adding that it would make "purchases when the opportunity is right."

Glapinski described the 700-ton level as a volume that would deliver genuine stability — for the zloty, for the country's credit ratings, and for the credibility of its payments and solvency. He noted the importance of such resilience given that Poland borders a country where a large-scale war is ongoing, a reference to Russia's war in Ukraine.

Poland has been the largest gold buyer among central banks that have reported their purchases this year, World Gold Council data shows. At the same time, the July and August buying pace was the slowest since December, according to the same data.

Over 2023 to 2025, Poland's annual gold purchases for its reserves averaged 107 tons. By the end of July, the country had already added 90 tons this year, consultancy Metals Focus said in a note, putting 2026 on track to match the levels seen in recent years.