The National Bank of Poland has reached its target of 700 tonnes of gold, Governor Adam Glapinski said on Thursday, and he sees no reason to stop buying. The reserves are worth about 356 billion zlotys ($91.4 billion).
At a glance
- The figures imply Poland bought about 27 tonnes in October, when spot gold fell 7%, Reuters calculated.
- Gold made up 31% of Poland's reserves at the end of September.
- The bank's unrealised gain on its gold is about 140.5 billion zlotys, Glapinski said.
Background
The National Bank of Poland (NBP) was the largest buyer among central banks reporting gold purchases between 2024 and 2026, according to World Gold Council data, and Poland is the world's 10th-largest holder. An unrealised gain is the difference between what the gold cost and its current market value, which has not been turned into cash.
What happened
Governor Adam Glapinski told a press conference on Thursday that the NBP has reached its 700-tonne target, Reuters reported. He said the holdings are worth about 356 billion zlotys ($91.4 billion).
Reuters said that figure implies the bank bought 27 tonnes in October, a month when spot gold fell 7%.
Why Poland may keep buying
"I see no reason why we should stop buying gold," Glapinski said, adding that gold reserves should grow in line with overall reserves. He said the bank monitors what other countries are doing and potential threats to Poland.
Glapinski said the bank's holdings have grown almost sevenfold, or by 598 tonnes, since he took office, and put the unrealised gain at about 140.5 billion zlotys, Polish media reported. Gold made up 31% of reserves at the end of September.
What it means
Poland was among the biggest disclosed buyers in the third quarter, so its next step matters for official demand. No new target has been set; Glapinski said the bank needs to think through what comes after 700 tonnes.
The long-term plan is to store one third of the gold in New York, one third in London and one third at home. Most recent purchases are held in London, and a new vault is being built in Warsaw.
Our read
Outlook: bullish. The largest reporting central-bank buyer hit its target but signalled that it may keep buying gold.
What to watch
- Any new reserve target from the National Bank of Poland.
- Monthly central-bank reserve data.
- Progress on the new Warsaw vault.
For information only, not investment advice.
Gold price in India
metalscost.com India reference price as of 2026-11-10.
Detailed analysis
Timeline
- 2026-11-05: Governor Adam Glapinski says Poland has reached 700 tonnes of gold.
Demand Drivers
The figures imply about 27 tonnes of buying in October alone.
Central Banks
Poland reached its 700-tonne target and its governor sees no reason to stop buying.
What could lift prices
- Poland's governor sees no reason to stop buying gold.
- The bank bought about 27 tonnes in October, by Reuters' calculation.
What could weigh on prices
- Poland has now reached its stated target, and no new one is set.
- Slower Polish buying would remove a large official buyer.
Country impact
| Country | Impact | Reason |
|---|---|---|
| Poland | High | Poland reached its 700-tonne target and is now the world's 10th-largest holder. |
Industry impact
| Industry | Effect | Reason |
|---|---|---|
| Central Banking | Positive | A large central-bank buyer may keep adding gold. |
Who gains, who loses
- Poland's central bank: It holds an unrealised gain of about 140.5 billion zlotys on its gold.
- Gold buyers competing with central banks: Steady official buying adds to demand for physical metal.
Other ways this could play out
- If Poland sets a higher target, official demand could stay strong.
- If it pauses, a large source of central-bank buying would fade.
Price risks
- A pause in Polish buying would remove some support for gold.
- Falling gold prices would cut the bank's unrealised gain.
Technical view
Price is mixed relative to its 20-period and 50-period moving averages, showing no clear trend alignment.
Computed from metalscost.com's own stored price history.
