The National Bank of Poland now holds more gold than the European Central Bank: about 595 tonnes compared with roughly 508. In 2024, gold made up 16.9% of Poland's reserves. By mid-2026, the share was around 30%. No central bank in the world has reshaped its reserve structure faster in recent years, and there is nothing secret about it: the target was announced publicly and the figures are reported to the IMF every month.
By Dan Vastrik, 11.07.2026
The National Bank of Poland now holds more gold than the European Central Bank: about 595 tonnes compared with roughly 508. In 2024, gold made up 16.9% of Poland's reserves. By mid-2026, the share was around 30%. No central bank in the world has reshaped its reserve structure faster in recent years, and there is nothing secret about it: the target was announced publicly and the figures are reported to the IMF every month.
But it is more honest to begin with the number that has attracted the most noise. According to the World Gold Council (WGC), the world's central banks bought a net 863.3 tonnes of gold in 2025. Converted into one-ounce coins, that is almost one coin every second, continuously, for an entire year. Viral headlines call it a record.
It was not a record. It was 21% below the previous year and the lowest total since 2021. The record was 1,136 tonnes in 2022.
The truthful frame sounds calmer—and, in my view, is more powerful. Even the “slower” year of 2025 was almost twice the 2010–2021 average of about 473 tonnes and ranked among the four largest years in the WGC's records. Most importantly, it was the fifteenth consecutive year in which the official sector bought rather than sold.
Fifteen Years in One Direction
Central banks became net buyers of gold in 2010 and have not reversed course once since then. Economic cycles have changed, interest rates have moved up and down, and very different governments have held power in the world's largest countries. The sign on this line has not changed.
Against that background, sales in 2025 look cosmetic. Singapore made the largest reduction, at 14 tonnes, while Russia and Jordan sold smaller amounts.
The pace did not fade toward year-end; it accelerated. Reserves increased by about 230 tonnes in the fourth quarter of 2025, up 6% from the previous quarter, and by another 244 tonnes in the first quarter of 2026. One detail seems the most telling in the entire dataset: in the WGC's annual survey, 95% of central banks said they expected global gold reserves to rise over the following 12 months. Not one expected a decline.
The Polish Phenomenon: From 17% to 30% in Two Years
The defining story of 2025–2026 is not China or the East. It is Poland.
- In 2025, the NBP added 102 tonnes—more than any other central bank—and lifted its holdings to 550 tonnes, about 28% of reserves.
- Purchases continued in 2026. WGC data showed roughly 45 tonnes added in the first months, taking the stock to about 595 tonnes and the share to around 30%.
- In September 2025, the bank officially raised its target allocation from 20% to 30%, while its governor named the next objective: 700 tonnes.
A country at the centre of Europe, and a member of both NATO and the EU, nearly doubled gold's share of its reserves in two years—not in a crisis panic, but according to a plan with a publicly declared target.
One technical detail is needed for accuracy. NBP and WGC figures may differ because the WGC relies on data submitted by countries to the IMF, which arrives with a lag. On 9 July 2026, for example, the NBP governor said 82 tonnes had been bought since the start of the year, while the WGC estimate for the same date was more modest, at about 64 tonnes. The discrepancy reflects methodology and timing, not a dispute over the underlying fact.
The Geography Is Expanding
Poland is the most striking example, but not the only one. At least 22 central banks reported adding one tonne or more to their gold reserves in 2025:
- Kazakhstan — 57 tonnes, the country's largest increase since 1993.
- Brazil returned to the market for the first time since 2021: 43 tonnes, taking its stock to 172.
- Czechia — 20 tonnes, with a stated target of 100 tonnes by 2028.
- China — 27 tonnes during the year; a total of 2,306 tonnes, about 9% of reserves.
- Turkey bought steadily throughout the year.
The circle of buyers is widening beyond the familiar list. That may matter more than any single number: countries with very different politics, geography and relationships with the dollar are choosing gold as a reserve asset.
Leading Buyers in 2025
| Central bank | Purchases in 2025 (tonnes) | Total holdings | Gold's share of reserves |
|---|---|---|---|
| Poland (NBP) | +102 | 550 → ~595 (2026) | ~28% → ~30% |
| Kazakhstan | +57 | — | — |
| Brazil | +43 | 172 | — |
| China (PBOC) | +27 | 2,306 | ~9% |
| Czechia | +20 | ~72 (target: 100 by 2028) | — |
Source: World Gold Council, Gold Demand Trends: Q4 and Full Year 2025.
Key Factors
The WGC itself describes the reasons for sustained demand as follows:
- Reserve diversification—less dependence on one or two reserve currencies.
- No counterparty risk—gold has no issuer that can default or freeze the asset.
- Geopolitical uncertainty—a backdrop that the WGC expects to support demand in 2026 as well.
- A long time horizon—reserve managers think in decades and hold gold as insurance, not as a bet on price.
Conclusion
The WGC data describes a trend, not a sensation. The official sector has bought gold for fifteen consecutive years. The pace fell from its peaks in 2025 but remained almost twice the historical norm. Poland is the clearest example: it hides nothing, having announced the 30% target, stated the 700-tonne objective and reported its figures to the IMF. Institutions accustomed to thinking in decades are increasingly holding part of their national wealth in an asset with no issuer—and therefore no one who can default on it. Fifteen years in a row is no longer a bet. It is a habit.
This material is for educational purposes only and is not investment advice. Gold prices can move in either direction, and past performance does not guarantee future results.
In Brief: Frequently Asked Questions
How much gold did central banks buy in 2025? According to the World Gold Council, net purchases totalled 863.3 tonnes. It was the fifteenth consecutive year of net buying, but 21% below 2024 and below the 2022 record of 1,136 tonnes. Even so, the total remained almost twice the 2010–2021 average of 473 tonnes.
Which country bought the most gold? Poland. The National Bank of Poland added 102 tonnes in 2025 and remained the largest buyer in early 2026.
How much gold does Poland hold, and what share of reserves is it? About 595 tonnes by mid-2026, representing roughly 30% of total reserves. The next target named by the NBP governor is 700 tonnes. That is more than the European Central Bank's gold holdings of about 508 tonnes.
Why are central banks buying gold? The WGC points to reserve diversification, gold's lack of counterparty risk and geopolitical uncertainty. In its survey, 95% of central banks expected global gold reserves to rise over the following year.
Sources
- World Gold Council. Gold Demand Trends: Q4 and Full Year 2025 — official-sector data (863.3 tonnes, leading buyers and sales).
- World Gold Council. Central bank gold statistics, 2026 — quarterly data, Q1 2026 (244 tonnes), and the central-bank survey.
- Narodowy Bank Polski (NBP) — statements on the 30% target allocation, the 700-tonne objective and purchases in 2025–2026.