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NBP has reached its 700-ton gold target. Did it buy more at the beginning of November?
The NBP already has 700 tons of gold, but full confirmation of the scale may still have to wait
National Bank of Poland (NBP) President Adam Glapiński said on Thursday that the central bank has already accumulated 700 tons of gold. This is an important signal for the market and for assessing the safety of Poland’s reserves. At the same time, calculations based on monthly data suggest that as of the end of October, there may still have been a shortfall of several tons, so full confirmation of the stockpile’s size will come only later.
In the statistics as of the end of October 2026, the item “monetary gold” was valued at 88,55 billion dollars. That is 2,13 billion USD less than at the end of September. The decline reflects lower bullion prices, which fell by 6,9% in October. The NBP shows the value of gold, not its exact quantity, so the valuation alone is not enough to read the level of reserves directly.
Based on the morning LBMA fixing on the last business day of October, it can be estimated that in October 2026 the central bank bought about 18,9 tons of gold. If the afternoon fixing were used, the result would be higher and would point to 703,8 tons held by the NBP. The difference shows how much the last day of the month can change such an estimate.
Glapiński also stressed that Poland has strengthened its position among the countries with the largest gold reserves in the world. In his view, gold stabilizes the financial system, strengthens the state’s credibility and improves the perception of the Polish economy. Assuming the vault really already holds 700 tons, reserves have risen by 598 tons since the start of his term as president.
This year, the NBP bought nearly 150 tons. That followed the 20 January decision, when the bank’s management decided to raise gold reserves to 700 tons. A year earlier, the increase was 102 tons, in 2024 nearly 90 tons, and in 2023 130 tons. Official data on liquid foreign-currency assets and liabilities are due to be published on 20 November.
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