Another heavyweight signal of the global "gold rush"! The Polish central bank plans to add 150 tons of gold, aiming for a total reserve of 700 tons.

The Polish central bank announced on Tuesday that it has approved a plan to purchase up to 150 tons of gold, which will increase the country's gold reserves to a total of 700 tons. Based on current market prices, the proposed purchase amounts to almost $23 billion. It is worth noting that the Polish central bank already purchased around 100 tons of gold in 2025, exceeding any other central bank that has reported their gold purchases to the International Monetary Fund (IMF). Central bank gold purchases have been a key driver of the sharp increase in gold prices - the price of gold has doubled in the past 18 months. Since 2022, central banks around the world have accelerated their gold purchases, with the freezing of Russia's foreign exchange reserves highlighting the attractiveness of gold as an asset that cannot be frozen. In a statement, the Polish central bank said, "This will place Poland among the top 10 countries in the world in terms of gold reserves." The bank's President Adam Glapinski announced last week that he hopes the central bank's management committee will increase the upper limit of gold holdings from 550 tons to 700 tons by the end of December 31st. As of now, the Polish central bank is able to use 30% of its total reserve assets to purchase gold. Adam Glapinski stated that the specific timing to achieve this new goal has not been determined yet. Adam Glapinski believes that gold is a zero-credit risk asset that is not influenced by the monetary policies of other countries, and that it has a strong ability to resist financial shocks. A high level of gold reserves also helps to enhance the stability of the Polish economy. The Polish central bank's gold buying action comes at a time when gold prices are continuously hitting historical records. This year, gold has continued its upward trend from 2025. Actions such as the US authorities arresting Venezuelan leaders, threatening to take over Greenland, bringing criminal charges against Jerome Powell, increasing concerns about the independence of the Federal Reserve, and investors avoiding currencies and government bonds due to concerns about debt levels have boosted market risk aversion, driving gold, silver, and other precious metal prices to new highs this year. As of the time of writing, spot gold has risen by over 1% to $4,818 per ounce. Although the pace of price increases may slow down in 2026, forecasts from major financial institutions remain optimistic. Analysts from ANZ Bank believe that geopolitical tensions and the background of risk aversion should continue to boost global demand for gold. Analysts point out that geopolitical tensions, loose global monetary policies, rising US debt burden, and concerns about the independence of the Federal Reserve will collectively support gold breaking through the $5,000 per ounce level in the second half of this year. Citi's bullish expectations for precious metals are even more aggressive, stating that silver prices are expected to rise significantly to $100 per ounce in the near term, and gold is expected to break through $5,000 in the next 3 months. Citi stated that in the unprecedented high price trend, the continuous deterioration of global geopolitical situation, the global economic outlook and currency value uncertainty brought by the Trump administration, physical shortage of gold and silver, combined with threats to the independence of the Federal Reserve, provide significant support for their predictions. In a bull market scenario, Citi's analyst team has raised their gold target price for the next 0-3 months from $4,200 per ounce to $5,000, and the silver target price from $62 per ounce to $100. Goldman Sachs pointed out that driven by strong structural demand (especially large-scale gold purchases by emerging market central banks) and cyclical factors (such as potential rate cuts by the Federal Reserve), gold prices are expected to climb to around $4,900 per ounce by December 2026. Analysts from J.P. Morgan predict that by the fourth quarter of 2026, the price of gold may average around $5,055 per ounce.