Poland's Central Bank Boosts Gold Reserves to 648 Tonnes

Poland's central bank has increased its gold reserves to 648 tonnes by the end of August, according to Governor Adam Glapiński.

This marks a significant milestone in the bank's plan to reach 700 tons.

Governor Glapiński noted that the unrealized gains on current gold reserves have reached PLN 160 billion, highlighting the potential benefits of holding gold as a reserve asset.

The increase in gold reserves is aimed at stabilizing the exchange rate of the złoty and enhancing the credibility of the Polish economy, according to Glapiński.

Spot gold prices rose rapidly by USD 10.42 per ounce within five minutes to trade at USD 4,348.70 per ounce, narrowing the day's decline to 1.2%.