Data for the first quarter of 2026 position Poland as a global leader in the gold market. In February, the National Bank of Poland purchased as much as 20 tonnes of gold. Polish acquisitions accounted for nearly 75% of all transactions carried out by central banks worldwide during that period, putting Poland ahead of major players such as China and India.
Poland’s gold reserves now stand at 570 tonnes. Although the latest statistics for March show a decline in the value of these reserves by USD 15 billion, this has nothing to do with any sell-off. Gold prices were slightly lower on global markets in March, while the US dollar strengthened, temporarily reducing the accounting value of Poland’s holdings.
At the same time, exchange-traded funds (ETFs) have returned to the market alongside state institutions, increasing their gold holdings by 21 tonnes in just the first week of April.
The simultaneous return of capital to ETFs and continued purchases by central banks is a rare signal of alignment between the two most powerful forces in the gold market. The market has stopped reacting to strong economic data from the United States, which would typically push gold prices lower. Today, despite a strong dollar, gold remains firmly above key levels, suggesting that investors are no longer primarily concerned about an immediate crisis, but rather about persistently rising living and energy costs in Europe.
Falling volatility indicators such as VIX and MOVE have created room for large-scale purchases without triggering price panic. As investment funds began rapidly rebuilding their positions in April, the market is entering a phase in which gold is gaining value not because the world is collapsing, but because money is losing its real purchasing power.
In practice, this means that the market is no longer waiting for deep corrections, and current price levels are becoming a natural entry point for global capital ahead of the next stage of a bull market.
