Poland’s central bank has acquired 82 tons of gold so far in 2026 through Thursday, Governor Adam Glapinski said at a news conference in Warsaw. The central bank added 37 tons since April, when the last public figures were released, which amounts to about $5 billion at current prices.
"We’ve been consistently buying gold, taking advantage of the recent price drops," Glapinski said, describing the banks steady accumulation over the past months.
Glapinski noted that Poland bought more gold than any other central bank in 2025 and indicated the country looks positioned to be a top buyer again in 2026. The purchases have taken place as investors have raised their expectations for higher U.S. interest rates and a stronger dollar, developments that have coincided with a decline in the price of gold. According to the governor, gold prices have fallen by more than 10% since April.
The central banks stated objective remains to reach 700 tons of gold. It currently holds 632.4 tons in total. Of that amount, 105 tons are stored within Poland, while the remainder is split between vaults in London and New York, Glapinski confirmed.
On the role of bullion within official reserves, the governor argued that golds place in central bank portfolios is expanding and that it plays an important part in ensuring financial security and stability. "This isnt some kind of race or a purchase made merely for the sake of it," he said. "There is a deep sense in the states role in ensuring the security of Poland and Poles under all circumstances, including wartime, which of course were not expecting."
The banks ongoing buying program, the governors comments and the distribution of physical holdings between domestic and foreign vaults together sketch the contours of Polands current approach to reserve management: a deliberate accumulation of gold amid a market environment marked by a weaker bullion price and heightened expectations for U.S. rate tightening.
Context and market linkage
The purchases align with a period when investors have priced in higher U.S. interest rates and a stronger dollar, factors that have pressured gold prices downward by over 10% since April. Glapinski framed the strategy as one of opportunistic accumulation designed to bolster the country's reserves and contribute to longer-term financial security.