Bankier.pl calculations confirmed. NBP bought gold again in April

In April, the National Bank of Poland bought 400 thousand ounces, or almost 12.5 tons of gold, according to Wednesday's data from the central bank. This confirmed our estimates from early May. In total, at the end of April, the NBP held almost 16.4 million ounces of gold worth over PLN 202 billion.

According to Wednesday's data from the central bank, at the end of April 2025, NBP held almost 16.4 million ounces of gold. At the end of March, it was less than 16 million ounces, which means that in April NBP purchased 400 thousand ounces, or almost 12.5 tons of gold. This confirms our calculations of NBP gold reserves from 2 weeks ago .

- Today, Poland already has over 500 tons of gold, and its share in reserves has exceeded 20 percent. This is the result of a well-thought-out, long-term strategy that we are consistently implementing to strengthen the financial security of our country and ensure stability for future generations - announced the president of the National Bank of Poland, Adam Glapiński, on April 24. In early May, he announced that the central bank had 509.3 tons of gold, which constitutes 22 percent of the entire NBP reserves .

The data shows that the value of gold held by the NBP is PLN 202.83 billion (or almost EUR 47.29 billion).

In March, the Polish central bank purchased almost 16.5 tons of the yellow metal . In February, the National Bank of Poland made the largest monthly purchases of gold since June 2019 , increasing its holdings by almost 29 tons. Moreover, in January, Polish gold reserves increased by only 3.11 tons . In turn, in the whole of 2024, the NBP stocked up on almost 90 tons of the royal metal . A year earlier, the NBP purchased about 130 tons of the "barbaric relic". Over the last two years, Polish bullion reserves have been increased by 220 tons and by another 61 tons in the first four months of 2025.

According to the data already published, at the end of April 2025, gold constituted 22.2% of Poland's currency reserves . NBP President Adam Glapiński publicly announced in 2021 that the bank's goal is to achieve a state in which gold constitutes 20% of Poland's total currency reserves.

In this way, this goal was achieved. This was partly due to large purchases of the metal by the National Bank of Poland, and partly due to the strong appreciation of gold against the dollar and other fiat currencies. Since the beginning of 2025 alone, gold prices expressed in USD have gone up by almost 30%, at the end of April setting a new nominal - and real - all-time record at over USD 3,500 per ounce . In 2024, the dollar quotes of the "barbaric relic" increased by 27.2% after a 13.2% increase a year earlier, almost doubling over the last 5 years.

In the first quarter of 2025, the National Bank of Poland was the largest institutional buyer of gold in the world, according to a report by the World Gold Council. In the first three months of this year, central banks purchased a total of 243.7 tons of gold, of which 49 tons went to the National Bank of Poland.

BPL/PAP: ms/ malk/