Hungary now officially holds more gold than Romania for the first time in modern history, with the country’s gold reserves reaching 110 tonnes and an estimated value of USD 12.1 billion, according to new research based on World Gold Council data.
The analysis, published by The Gold Bullion Company, shows that Hungary increased its gold holdings by 16.4% between December 2023 and April 2026, rising from 94.5 tonnes to 110 tonnes. This places Hungary ninth globally among the countries that increased their gold reserves the most during the period.
With 110 tonnes of gold, Hungary now holds the 37th-largest gold reserve in the world, ahead of countries including South Korea, Romania and Australia.
Eastern Europe is leading the gold-buying trend
The report highlights a broader trend: central banks around the world are steadily increasing their gold holdings. Average gold reserves across the countries studied rose by 6.47% between 2023 and 2026, while only 16 countries reduced their holdings.
Eastern European and former Soviet states feature prominently among the fastest-growing gold holders:
Fastest-growing gold reserves (2023–2026)
| Country | Increase |
|---|---|
| Czech Republic | +144.5% |
| Kyrgyzstan | +107.7% |
| Poland | +59.0% |
| Serbia | +33.9% |
| Brazil | +33.0% |
| Hungary | +16.4% |
Poland bought the most gold
While the Czech Republic recorded the largest percentage increase, Poland led in absolute purchases, adding 211.7 tonnes since 2023. Polish reserves now stand at 570.4 tonnes, making Poland the world’s 12th-largest gold holder.
According to the report, more than one-third of all gold acquired by the countries analysed was purchased by Poland alone.
Why do countries keep gold reserves?
Gold reserves are often viewed as a symbol of national wealth, but central banks also use them for practical financial reasons. According to the report, countries hold gold because it can provide:
- Liquidity during financial stress: gold can be sold or used to raise funds when reserves come under pressure.
- Protection against currency volatility: gold is often seen as a hedge when confidence in fiat currencies weakens.
- Greater financial independence: larger gold reserves reduce reliance on foreign currencies such as the US dollar.
- A long-term store of value: unlike many financial assets, gold has historically retained purchasing power over long periods.
The report points to Türkiye as an example of how reserves can be used actively. The Turkish central bank reportedly sold 52 tonnes of gold during a period of pressure on its financial reserves, demonstrating that gold can serve as a strategic resource rather than simply sitting in vaults.
Gold prices have surged
Another key finding is the dramatic rise in gold prices. The average gold price increased from USD 76.9 million per tonne in April 2025 to USD 156.3 million per tonne by April 2026, which is a 103% increase. As a result, even countries that did not buy additional gold have seen the value of their reserves soar.
The United States still dominates
The United States remains by far the world’s largest gold holder with 8,133.5 tonnes, followed by Germany and Italy. Together, the top four countries account for roughly half of all central-bank gold reserves worldwide.
What it means for Hungary
Hungary’s rise above Romania marks a symbolic milestone, but it also reflects a regional strategy. Many Central and Eastern European countries have been increasing gold holdings as a buffer against geopolitical tensions, inflation and financial uncertainty. With reserves now worth around USD 12.1 billion, gold has become an increasingly important component of Hungary’s national reserve assets.
If you missed it: Ukraine “gold convoy” scandal deepens: could Orbán himself face prison — and how he might be shielded
