Poland and Hungary have long been purchasing massive amounts of gold. As a result, the Central and Eastern European region now holds 17% of the total gold purchases by central banks.

And this March, Hungary further increased their reserves, bringing it to a historic high of 94.5 tons. This follows the 10-fold increase last 2018.

Meanwhile, Poland bought 25.7 tons last 2018, and then another 100 tons in 2019. Its latest purchase is the largest one in the past 10 years.

Serbia also raised its purchases from 0.2 tons per quarter in 2011 to 3.5 tons in 2019 and 2020.

Tatiana Fish, Director of Central Banks at the World Gold Council, said this increased interest in gold will not end here. In fact, Poland is going to purchase another 100 tons of gold in the next two years, while Serbia may also continue adding small amounts of gold to its reserves. Accordingly, Central and Eastern Europe will remain an important center of gold mining activity of central banks in the coming years.