Poland's central bank emerged as the top gold buyer among global central banks in April, purchasing 14 tonnes of gold during the month and bringing its total gold acquisitions for the year to 45 tonnes, according to the latest data from the World Gold Council (WGC) [1]. This positions Poland ahead of Uzbekistan and China, which ranked second and third, respectively, in central bank gold purchases for the year [1]. The National Bank of Poland now holds 595 tonnes of gold, representing approximately 30% of its total reserves, and has increased its gold holdings as a geopolitical hedge amid rising uncertainty [1].
The WGC data also indicates that global central banks resumed net gold purchases in April, reversing the net sales seen in March. The previous month's sales were attributed to the immediate economic fallout from the Iran war, which led some emerging market sovereigns to sell gold in order to protect their currencies [1]. Central bank buying has been a significant factor in gold's price rally, with the metal nearly doubling in price in 2025. The pace of central bank gold purchases notably accelerated in 2022 after Russia's foreign reserves were immobilized following its invasion of Ukraine [1].
Gold reached an all-time high of around $5,600 per troy ounce in January but has since declined by approximately 23%, currently trading near $4,300 per troy ounce [1]. The recent correction in gold prices, which has pushed the metal below its 200-day Simple Moving Average since October 2023, was triggered by a stronger-than-expected US jobs report for May. This report led markets to anticipate upcoming interest-rate hikes by the Federal Reserve, prompting investors to shift from non-yielding assets like gold to interest-bearing assets such as bonds [1].
CONCLUSION
Poland has solidified its position as the leading central bank gold buyer in 2024, outpacing both China and India. While central bank demand has supported gold prices, recent US economic data and expectations of higher interest rates have contributed to a notable correction in the gold market.