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Poland increases gold reserves: FT

The Central Bank of Poland bought nine tons of gold this summer, according to the Financial Times.

If confirmed, it is the first such purchase by an EU member state this century, the paper said, citing a report of global advisory firm Macquarie Group.

The National Bank of Poland (NBP) acquired gold in two batches: two tonnes in July and seven tonnes in August, according to IMF data cited by the paper.

The National Bank of Poland, however, refrained from commenting on the purchase, the Rzeczpospolita daily said.

Central banks in countries such as Poland, Russia, Turkey and Kazakhstan have purchased 264 tonnes of gold this year, “by far the most at this stage of the year of any period in the last six years,” Macquarie Group said, according to FT.

While the price of gold has fallen by 10 percent this year, central banks may be purchasing the precious metal to diversify their reserves so as to be less dependent on the US dollar, FT reported.

On Friday, gold traded at USD 1,190 per ounce.

Poland’s gold reserves, kept in the vaults of the Bank of England in London, amount to 112 tonnes, Rzeczpospolita said.

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