From 12 tonnes to a historic milestone

At the end of 2022, the CNB held approximately 12 tonnes of gold. By the end of 2025, its reserves had increased to 71.61 tonnes. According to the CNB’s official figures, holdings reached approximately 87.4 tonnes by the end of September 2026.

The bank’s stated objective is to hold 100 tonnes of gold by the end of 2028, which would represent the largest gold reserve in the history of the independent Czech Republic. However, the pace of purchases suggests that this milestone could be reached as early as spring 2027.

According to e15, the CNB has recently been purchasing around 1.7 tonnes of gold per month. At current purchasing levels, its monthly expenditure can amount to approximately CZK 5 billion, demonstrating the financial scale of the programme.

How does the CNB buy gold?

Unlike private investors, the CNB does not primarily buy gold to speculate on short-term price movements. Instead, it follows a systematic investment strategy, purchasing gold gradually over time. This approach reduces the risk of concentrating purchases at an unfavourable moment and helps smooth the average acquisition price.

The CNB purchases gold on international markets, mainly through London’s established over-the-counter precious metals market. The gold consists of internationally recognised investment bars that meet the London Bullion Market Association’s Good Delivery standards.

Most of the CNB’s gold is stored in London, where it can be readily traded on international markets. A smaller portion is held in Prague, partly for the production of commemorative gold coins. The bank can also lend some of its gold to other central banks, generating interest income.

Why is gold important for a Central bank?

The main economic argument for increasing gold reserves is diversification. Central banks hold international reserves in different asset classes, including foreign currencies, bonds and equities. Because gold prices do not always move in line with these assets, gold can help reduce fluctuations in the overall portfolio.

According to the CNB, its internal analyses indicate that holding around 100 tonnes of gold could reduce the volatility of its financial results. Gold also offers an advantage because it does not depend on the repayment capacity of a particular issuer, unlike bonds.

Nevertheless, gold has limitations. It does not normally generate interest or regular cash flows, and its market price can fluctuate significantly. Increasing gold holdings therefore involves a trade-off between diversification and the potential returns available from other financial assets.

A global trend, not just a Czech story

The CNB’s strategy reflects a broader international trend. Central banks around the world have been increasing their gold holdings as they reassess reserve management in an environment of geopolitical uncertainty, high government debt and changing international financial relationships.

Poland has been among the most active buyers, while China and several Central Asian economies have also expanded their reserves. These developments illustrate how gold continues to play a role in modern central banking, even though the international monetary system is no longer based on the gold standard.

Sources: Czech National Bank, “The CNB’s Gold” and Annual Report 2025; Jaroslav Bukovský, e15, “Český zlatý poklad míří k historickému milníku. Dosáhne ho mnohem dřív, než se čekalo,” 26 October 2026.

Prepared by the Team of CzechTrade Baltics