This Small European Country is Buying Gold Heavily, Population Comparable to Jharkhand

Gold prices surged nearly 60% last year, marking the largest annual increase since 1979. A major driver behind this spike has been the aggressive gold purchases by central banks around the world.

In November alone, central banks collectively acquired 45 tonnes of gold — the second-largest monthly purchase in 11 months — marking the second consecutive month in which purchases exceeded 40 tonnes. For the first 11 months of the year, total central bank acquisitions reached 297 tonnes.

Poland Leads in Gold Purchases
Poland’s National Bank bought the largest amount in November, acquiring 12 tonnes of gold. The country also topped the list in October. As a result, Poland’s total gold reserves have now reached 543 tonnes, accounting for 28% of its total foreign exchange reserves. The bank aims to increase this to 30% and has been steadily buying gold since 2018.

Despite being a relatively small European country, with a population comparable to that of Jharkhand in India, Poland’s gold-buying strategy signals its ambition to strengthen financial security through increased reserves.

Global Gold Holdings
The United States leads globally with 8,133 tonnes of gold in the Federal Reserve. It is followed by Germany (3,350 tonnes), Italy (2,452 tonnes), France (2,437 tonnes), Russia (2,330 tonnes), China (2,304 tonnes), Switzerland (1,040 tonnes), India (880 tonnes), Japan (846 tonnes), Turkey (641 tonnes), and the Netherlands (612 tonnes).

Interestingly, according to a report by Goldman Sachs, Indian households collectively hold nearly 35,000 tonnes of gold, valued at approximately $5 trillion, highlighting the country’s cultural and economic affinity for the precious metal.