The NBP’s gold purchases – a view from the risk management trenches

Paulina Domagalska, Juliusz Jabłecki, Maciej Pomykała and Navdeep Singh

Although central bank demand for gold still represents a relatively minor share of the total global demand for gold (dominated for years by jewellery fabrication), central banks’ share has recently been on the rise, with reserve managers’ purchases roughly doubling in size relative to the average levels observed in the more peaceful decade of 2010–2020 (figure 6.1).1

Figure 6.1

According to the World Gold Council’s Central bank gold survey, the performance of the precious metal during times of crisis and its role as a long-term store of value are among the key reasons for

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