In 2024, Banco de Portugal's gold appreciated by eight billion euros compared to 23 billion euros the previous year, "as a result exclusively of the strong appreciation throughout the year".

Gold is considered a safe haven asset in times of uncertainty, with the price per ounce reaching historic highs.

Also, according to the Monetary Policy Implementation Report, gold was key to the Bank of Portugal's balance sheet increasing by 3% to 191 billion euros in 2024.

At the end of last year, according to the BdP Board of Directors Report, the central bank held 382.7 tons of gold.

In a list compiled by the World Gold Council, Portugal had, at the end of 2024, the sixth largest gold reserves in Western Europe (behind Germany, Italy, France, Switzerland and the Netherlands).

The gold reserves are stored in the vault of the BdP's high-security complex in Carregado and also in London.