Gold rises on Poland reserve goal, more-buying hint

NEW YORK, Nov. 9, 2026 (GoldSquawk) - COMEX gold futures rose as much as $46.00 an ounce after Metals Daily reported at 19:18 UTC that the Bank of Poland said it had reached its gold reserve goal and hinted at plans to buy more, lifting the contract from $4,111.10 before the first headline to $4,157.10 at 20:24 UTC.

The remark drew traders’ attention because Poland has been the largest reported central-bank buyer this year among 15 official holders tracked in IMF International Reserves data, adding 122.7 tonnes out of a net 216.4-tonne increase. The World Gold Council said on Nov. 3 that Poland continued one of the strongest central-bank accumulation trends even with gold at historically elevated prices, and said on Nov. 4 that Poland and China led the latest monthly buying.

Poland adds to the official-demand story

Monday’s headline matched remarks Reuters reported on Nov. 5 from National Bank of Poland Governor Adam Glapiński, who said Poland had reached its previously stated 700 metric ton gold target and left the door open for further purchases. The National Bank of Poland says gold is held to diversify reserves and that it has been building up holdings as part of its reserve strategy.

Poland’s gold reserves stood at 448 tonnes at the end of December 2024 after increasing by more than 345 tonnes during 2018–2025, according to the National Bank of Poland. Through October 2026, IMF International Reserves data showed Poland as the biggest buyer this year, with 122.7 tonnes added.

Gold was firm even before the Poland comment. COMEX gold futures settled at $4,115.00 an ounce, up $39.20 on Monday, after settling up $2.70 at $4,075.80 on Friday, according to GoldSquawk settlement data. By 22:00 UTC, the contract was at $4,149.50.

Central banks stay in focus

Official buying remains active beyond Poland. Seven of the 15 central banks tracked in the latest reported month added gold, while Poland remained the top buyer this year, IMF International Reserves data show. China’s official holdings reached 2,410 tonnes in September after 23 straight monthly increases, and India held 881 tonnes, according to IMF International Reserves data.

The World Gold Council said Poland’s buying was still running despite historically elevated gold prices. That leaves traders watching whether official-sector demand keeps underpinning bullion at these levels.

Next marker is U.S. inflation

The next scheduled catalyst is U.S. consumer price inflation at 13:30 UTC on Tuesday, with headline CPI forecast at 0.3% month on month after 0.6% previously and core CPI forecast at 0.2% after 0.3%, according to Forex Factory consensus data in the economic calendar. COMEX gold futures were last at $4,149.50 at 22:00 UTC.