Poland buys 13 tons of gold after price drop, nears top 10

The National Bank of Poland purchased roughly 13 tons of gold in March, lifting the country's holdings to an estimated 583–584 tons. The purchases followed a sharp fall in gold prices and left Poland just over 30 tons short of entering the top 10 national gold reserve holders, excluding the IMF. Official March totals will be published on April 21.

Market estimates based on March price movements put the additional amount at about 417,000 troy ounces, equivalent to nearly 13 metric tons. Gold prices fell from above $5,400 per ounce to about $4,100 per ounce during the worst month since 2008, a decline of just over 24 percent.

The lower prices reduced the reported dollar value of Poland's gold reserves to about $84.4 billion, down roughly $9.5 billion from February. The central bank attributes the decline in value to the fall in market prices rather than sales.

Governor Adam Glapiński provided an indirect confirmation of higher holdings, stating current reserves are around 580 tons compared with roughly 570 tons at the end of February. The bank will issue official March figures on April 21.

The share of gold in Poland's total foreign-exchange reserves fell from about 31 percent to approximately 29.38 percent, driven by the drop in gold prices. The central bank maintains a long-term target of 700 tons.

Data indicate Turkey reduced its gold holdings in March through sales and swaps. Poland's recent purchases have placed it ahead of Turkey and about 30 tons short of the world top 10 list.

The National Bank of Poland will publish the exact March totals on April 21, which will confirm the precise scale of the purchases.