Poland Bought More Gold in February Than Every Other Central Bank Combined
Poland purchased 20 tonnes of gold in February -- nearly three-quarters of global net central bank buying. The Czech Republic extended its streak to 36 consecutive months of purchases, and China's PBOC to 16. Gold is up 43% since last April.
Poland's central bank bought 20 tonnes of gold in February 2026, accounting for nearly three-quarters of the world's net central bank gold purchases that month. The data, published April 2 by the World Gold Council, shows total net buying of 27 tonnes -- meaning every other central bank on earth combined added just 7 tonnes net.
The purchase was Poland's largest since February 2025 and lifted its reserves to 570 tonnes, now 31% of total central bank reserves. For a country spending heavily on defense -- Poland's military budget hit 4.7% of GDP in 2025, the highest in NATO -- the gold accumulation signals a parallel strategy: build the arsenal and build the reserves.
February Buyers and Sellers
| Central Bank | Change | Total Reserves | Note |
|---|---|---|---|
| Poland | +20t | 570t (31% of reserves) | Largest purchase since Feb 2025 |
| Uzbekistan | +8t | 407t (88% of reserves) | 5th consecutive month |
| Kazakhstan | +8t | 348t | Highest since Jan 2023 |
| Czech Republic |