Poland’s Central Bank Buys the Gold Dip as Buying Persists

Despite speculators and retail investors liquidating gold positions, Poland’s National Bank has stayed active, viewing price drops as a buying chance. Governor Adam Glapiński noted the bank has consistently purchased on dips, acquiring 82 tonnes this year, including roughly 19 tonnes last month. Gold has declined nearly 30% from late-January record highs, posting its largest monthly drop since 2008. Contributing factors include Federal Reserve signals of tighter policy and higher real yields amid an energy crisis tied to the Iran conflict. The NBP targets 700 tonnes total, holding 632.4 tonnes currently. Glapiński stressed the moves support national security under all conditions, including potential wartime needs. World Gold Council and OMFIF surveys found 45% of central banks intend to raise gold holdings, with over 60% forecasting prices between $5,000 and $6,000. Analysts see persistent central-bank demand establishing a floor near $4,000.