Spot gold has seen a short-term surge, following the approval of a plan by the Polish central bank to purchase 150 tons of gold

On Tuesday, during the pre-market trading session of U.S. stocks, spot gold experienced a short-term surge, with the daily increase expanding to 1.6%, reported at $4,745.91 per ounce. The world's largest gold buyer, the National Bank of Poland, has approved a plan to purchase an additional 150 tons of gold. The Polish central bank stated on Tuesday that it has approved a plan to purchase up to 150 tons of gold, which will increase the country's gold reserves to 700 tons. In a statement, the Polish central bank said, "This will place Poland among the top 10 countries in the world by gold reserves." At current market prices, the planned gold purchases are valued at nearly $23 billion, exceeding the total gold reserves of large economies such as Brazil and Mexico. Poland has already purchased about 100 tons of gold in 2025, making it the largest buyer among central banks that have reported gold purchases to the International Monetary Fund (IMF). Polish central bank governor Adam Glapinski announced last week that he hopes the central bank's management committee will raise the gold holding limit from 550 tons as of December 31 to 700 tons. Currently, the Polish central bank can allocate up to 30% of its total reserve assets for gold purchases. Glapinski stated that the specific timeline for achieving this new goal has yet to be determined. The continued buying by central banks worldwide has been one of the key factors driving strong increases in gold prices. Over the past 18 months, gold prices have doubled. The pace of central bank gold purchases accelerated significantly in 2022, when Russia's foreign exchange reserves were frozen, highlighting gold's appeal as an asset that cannot be frozen. On Tuesday, at the end of trading in New York, spot gold rose by 1.86%, reported at $4,757.72 per ounce, remaining roughly stable above $4,670 before 11:15 Beijing time, and then began to rise continuously, reaching a historical high of $4,766.31 at 03:19. COMEX gold futures rose by 3.70%, reported at $4,765.50 per ounce, with a historical high of $4,771.50 reached at 03:19 (electronic trading session)