The Czech National Bank (CNB) has continued its steady accumulation of gold, bringing total holdings close to 67 tonnes by the end of the third quarter. The latest figures indicate a gain of nearly five tonnes since June, marking the highest level of reserves since the 1990s and underscoring the central bank’s long-term diversification strategy. The CNB began rebuilding its bullion reserves in 2023 after years of minimal holdings, following a period in which gold represented a negligible share of national reserves. The renewed focus on the precious metal reflects an effort to strengthen financial resilience and reduce exposure to fluctuations in global bond and currency markets. Governor Aleš Michl has previously said that the bank aims to reach 100 tonnes by 2028, describing gold as a stabilising element that balances the country’s reserve structure. While the CNB’s portfolio remains dominated by foreign bonds and other liquid assets, gold now represents nearly 5% of total reserves — a share that continues to rise each quarter. Data from international market observers, including the World Gold Council, confirm that the Czech central bank has been one of Europe’s most consistent gold buyers in recent years. Monthly tallies show that the CNB added about two tonnes in July and a similar volume in September, consistent with its target pace of roughly five tonnes per quarter. The value of the Czech gold reserve is estimated at over USD 8 billion (around CZK 172 billion), buoyed by both higher volumes and near-record gold prices. A significant share of the holdings is stored abroad, mainly in cooperation with foreign central banks, while part is lent to other institutions under secure agreements. The CNB’s current position contrasts sharply with two decades ago, when national holdings had fallen to just eight tonnes. Following the split of Czechoslovakia, the Czech Republic inherited roughly 63 tonnes, most of which was later sold during the 1990s. Analysts note that Prague’s gold accumulation mirrors a wider trend among central banks, many of which have been expanding their bullion reserves as a safeguard against market volatility and geopolitical uncertainty. For the CNB, the policy also aligns with its broader aim of building a more balanced, long-term portfolio that supports financial stability in a changing global economy. With its holdings now approaching 67 tonnes, the Czech National Bank remains firmly on track to meet its 2028 target, signalling continued confidence in gold as a store of value and a hedge within its reserve mix. Source: CTK