NBP increases gold reserves to nearly 673 tons in September

The NBP speeds up gold purchases and moves closer to its 700-ton target

The NBP held 21,634 million ounces of gold at the end of September 2026, or nearly 673 tons of the precious metal. That is 24,9 tons more than in August and a clear step toward its declared target of 700 tons.

Since the start of 2026, gold reserves have already increased by 122,7 tons. That means that at the end of September, the central bank was a little over 27 tons short of the plan set on January 20.

The purchases were large enough to raise the question of whether all of the missing amount may have already been bought in the following weeks. The source does not confirm that, but the scale of the September increase shows that the central bank is steadily building up its gold holdings.

In a broader view, Poland has significantly improved its position among the world’s largest holders of the precious metal. In May, it moved up to 10th place in the ranking of global gold reserves. At the same time, gold still does not account for one of the highest shares of the country’s total foreign exchange reserves.

The NBP now holds more gold than the ECB, the United Kingdom or Spain. Japan, however, is closing in on Poland: it holds 846 tons and has given no sign of plans to sell. At the other end of the scale is the Bank of Russia, which has already sold 62 tons of gold since the start of the year, and whose reserves fell in September to 72,8 million ounces, or 2264,31 tons.