The Czech National Bank continues to purchase gold at a strong pace, which it considers a major tool for diversifying its foreign exchange reserves. In this quarter of 2025, this NB picked up another 4.9 tons of gold. This brought her total gold reserves to 66.8 tons. Since the beginning of the year, NB has bought 15.7 tons of gold, and the goal is to reach the limit of 100 tons of gold by 2028. Gold now makes up 4.9% of NB's total foreign exchange reserves, their value reaches 169.4 billion dollars. The Central Bank ignores the price development of gold during its purchases and adheres to a systematic pace of purchases. Including profits from past cheaper purchases at NB, the income was around 55 billion crowns. Half of the NB's gold reserves are then stored in the vaults of the British central bank (BoE). In this quarter of this year, NB bought 4.9 tons of gold. The value of the gold there was 8.2 billion dollars. Learn more about this current topic in the following sections. How is the total volume of gold in Czech reserves and how likely will NB's steps be? The total volume of gold in its core thus reached a record 66.8 tons by the end of it. This corresponds to 172.4 billion crowns. The total volume of NB foreign exchange reserves reached 169.4 billion dollars. Gold currently accounts for 4.9% of the total foreign exchange reserves of the Czech Central Bank. The purchase of gold by the Czech National Bank is therefore part of the bank's long-term strategy for diversifying its foreign exchange reserves. According to NB, gold will help reduce risks due to the fact that its price does not develop in the same way as other assets. Since the beginning of this year, the central bank has bought 15.7 tons of gold, and the purchases are taking place at a regular rate of five tons of gold per quarter. And even though the price of gold crossed the threshold of 4,300 dollars per troy ounce last week, NB does not even look at the price of gold during its purchases, and its premise is to buy gold at a similar pace quarter after quarter. The main premise of the purchase of gold by the Czech National Bank is to dampen fluctuations as a result of its economy. The purchase of gold at a price below the strike price will be paid off today by the central bank, as NB has spent around 55 billion crowns on gold in the last few months. According to the NB Banking Council, this is not speculation, but a systematic step towards greater financial stability. It can therefore be assumed that the NB will operate very carefully and quite efficiently not only with the proceeds from the investment in gold. There is gold in the reserves of the Czech Republic or in the vaults of the Czech National Bank, but not all of it is stored. 100% of the gold can be found in ash, but half of the gold bricks are stored outside on earth. Most of the gold NB currently holds in the vaults of the British central bank (BoE), specifically in the vaults of the London ovens. Some of the NB's gold reserves are also borrowed from other central banks, understandably for a year. What did the purchases of gold by the Czech National Bank look like in the past? For perspective, historically, after the breakup of Slovakia in 1993, NB had a total of 63.3 tons of gold. The record, which had not been threatened for a long time, lasted for several decades, until recently, when NB, with its stable and relatively large purchases of this precious metal, began to accumulate 65 tons of gold in its reserves. However, in 1998, the then NB banking board decided to sell off the known gold reserves. After this step, only 14 tons of gold remained in the NB reserves. The lowest level was recorded by the Czech Central Bank in 2019, when it owned only 8 tons of gold. As of a few years ago, compared to other active drains in foreign exchange reserves, it can be considered one of the smallest amounts of gold in recent history. Especially compared to the recent period, when NB, under the leadership of the current governor A. Michl, started buying a reduced amount of roughly 5 tons of gold every month. In the course of eight months, NB will not only produce, but also add 2 tons to the total gold reserve on the ground in a short period of time. In the last five years, even in the context of uncertain times, there has been a gradual and, from 2023, even a relatively massive purchase of gold. NB has been involved in these steps since 2023, when the price of gold was at its peak values. Governor A. Michl let her hear that by 2028 NB could increase its gold reserves to 100 tons of gold. The current data regarding the inclination of the NB to this track by the NB therefore represent a return to historical values, and even their fading away. As in the past two years, gold has become a valuable and non-negligible component of the NB's foreign exchange reserves. This, then, at a time when, in the last five years, from an economic, energy, but also humanitarian point of view, especially in the Euro-Atlantic world, things have not been the best. This is especially striking in the context of today's oft-remembered past. The price of gold will therefore rise due to uncertainty, as gold has also been bought up by a large investment and institutional market participants for this reason. So what and who is increasing the price of gold, and which specific entity currently prefers this metal? This is the case both from a number of central banks, gigantic global asset managers and large funds, as well as from large commercial banks. This is first in uncertain times, such as a potentially significant decrease in growth on the stock markets, a possible recession or a possible return of inflation. Even times of chaos, or specifically times of trade tows and tariffs, and last but not least times of tension (wolves, tension between hundreds and long-term conflicts) have a huge impact on the demand for precious metals in general. The path in the purchase of the Czech central bank is described in more detail, but it is not the only one. The trend of these purchases continues worldwide. Since the beginning of this year, the most massive of all central banks in the world, the Polish National Bank (NBP) has been buying up gold reserves the most. That way, in the spirit of other guardians of the state, especially the very often serpentine strong-armed one, they depend very much on the security of a safe building in the form of gold. Such actions by central banks around the world have a significant impact on gold prices. According to preliminary estimates by the world's major banking houses, gold may cross the magical threshold of $4,500 per troy ounce this year, with the fact that at the end of last week the price of gold hovered around $4,3800. But this week, gold values fell again, below $4,200 per troy ounce. Other precious metals such as silver, which attacked the $53 per troy ounce mark last week, and platinum are also in a similar situation.
Petr pirit has been dealing with current developments not only in financial markets for more than nine years. In the field of analytical activities, the company Bidli specializes in the real estate and mortgage market, energy and investments. He also deals with stock and commodity markets and monetary policy. Regular articles and analyzes are published on these topics and branches. He then worked for several years at one of several large brokerage companies. It was precisely at the birth of yesterday's economic ideas and news.
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