Eastern European central banks are ramping up gold purchases, with Poland leading global acquisitions as regional monetary authorities seek to shield their economies from geopolitical risks.
The Czech National Bank aims to double its gold reserves to 100 metric tons within three years, Governor Ales Michl told Bloomberg Television after inspecting the country’s holdings at the Bank of England. The bank, which holds about $150 billion in foreign reserves, has increased its gold stockpile fivefold since 2022.
Poland emerged as the world’s largest gold buyer in the second quarter, according to World Gold Council data. Its central bank now holds approximately 420 tons of gold — about half the reserves of India or Japan — with plans to increase gold’s share to 20% of total reserves.
Hungary and Serbia have also joined the regional push. The Hungarian central bank increased its reserves by more than 10% to 110 tons this year, while Serbia has tripled its holdings to 48 tons since 2012 and repatriated its foreign-held gold in 2021.
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Serbian Central Bank Governor Jorgovanka Tabakovic cited ongoing global tensions as a key factor. “Gold is gaining value and importance in times of global turbulences, especially in geopolitical conflicts and periods of high inflation,” she told Bloomberg in an email.
Goldman Sachs forecasts gold prices could reach $3,000 per ounce by December 2025, while Bank J. Safra Sarasin noted in a November 10 report that “geopolitical fragmentation is favorable for gold, while gradual dollar weakening should be a further tailwind.”
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