Portugal in gold
What the Banco de Portugal’s gold, everyday prices, household deposits, homes and the euro look like when measured in gold as well as in euros.
In short
Change against one year earlier
House prices in gold
−16.1 %
in one year
Q2 2026In dollars +26.2 %In euros +17.7 %Banco de Portugal gold
€45.4bn
market value
September 2026In euros +13.5 %In dollars +9.6 %A €100 basket in gold
1.2
grams of gold
September 2026In gold −13.1 %In euros +3.6 %Deposits in gold
1,681
tonnes of buying power
September 2026In gold −7.7 %In euros +3.1 %Gold bought by €100
0.85grams
October 2026In gold −4.8 %In dollars −3.7 %
House prices by municipality, in gold
From Q2 2021 to Q2 2026, 9 of 290 municipalities with a figure got more expensive in gold and 281 cheaper.
Gold shows a rise, graphite a fall, and a hatched area has no figure for this period.
Explore the map of house prices by municipalityHouse prices
In Q2 2026 the median sale price of a square metre of a Portuguese home was €2,264, US$2,641 or 19 g of gold, against 23 g of gold in Q2 2025.
Actual amounts: euros on the left axis, grams of gold per square metre on the right.
Q2 2026
- Per m² · euros€2,264
- Per m² · grams of gold19.3 g
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What you see
The chart shows the national median sale price per square metre in euros, in US dollars and in grams of gold, each quarter at the reference of its twelve months. Combined puts euros on the left axis and gold on the right.
What it means
A home can cost more euros and less gold at once. The one-year changes compare the latest quarter with the quarter four earlier, as the map of the municipalities below does, so both pages state the same change.
What do the values measure?
- Statistics Portugal (INE) publishes the median price per square metre of the dwellings sold in the last twelve months, every quarter, for all dwellings. It is the median of sales, not a price index adjusted for quality.
- The series begins in the fourth quarter of 2019. Each quarter is converted at the average gold price and dollar rate of the quarter and the three before it, the twelve months the median covers.
Q2 2026: €2,264, US$2,641, 19 g of gold per m²; over one year, Q2 2026 against Q2 2025, −16.1 % in gold, +26.2 % in US dollars and +17.7 % in euros. Statistics Portugal (INE), quarterly.
Explore house prices by municipalityThe Banco de Portugal’s gold
In September 2026 the Banco de Portugal’s gold was worth €45.4 billion (US$51.4 billion), +13.5 % against a year earlier in euros. The bank’s report for 2025 states 382.7 tonnes of gold, unchanged during the year and worth €45.1 billion at the year-end market price (31 December 2025).
Actual amounts: euros on the left axis, estimated tonnes of gold on the right. The tonnes are the euro value divided by the month-end gold price, not the published holding.
September 2026
- Market value · billion EUR€45.4bn
- Estimated gold · tonnes380.5 t
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What you see
The chart shows the market value of the bank’s gold at the end of each month, in euros or in US dollars. The Gold view shows the tonnes that value implies, the euro value divided by the month-end gold price in euros, and Combined puts euros on the left axis and those tonnes on the right. These tonnes are an estimate, not the published holding.
What it means
The bank values its gold at the market price at the end of each month, so a rising value can describe the same gold at a higher price rather than a larger reserve. The annual accounts state the weight once a year.
About the gold figures
- The series is the monetary gold bullion of the Banco de Portugal’s reserve assets (BPstat series 12469159), in euro millions at the end of each month, at market value.
- The bank’s report for 2025 states 382.7 tonnes of gold, unchanged during the year and worth €45.1 billion at the year-end market price (31 December 2025). The estimate divides each month’s euro value by the site’s month-end gold price (GC=F × EUR=X), which differs from the bank’s valuation price by about one percent at most, so small wiggles are not purchases or sales.
September 2026: €45.4 billion, US$51.4 billion at the month-end rate; an estimated 380.5 tonnes, worked out from the euro value (September 2026). Stated holding: 382.7 tonnes on 31 December 2025 (the bank’s report). BPstat series 12469159, from January 2001.
Banco de Portugal statistics (BPstat)What a shopping basket costs
A basket that cost €100 in January 2010 costs €143 in September 2026: US$165, or 1.2 grams of gold, against 4.0 grams then.
Actual amounts: euros on the left axis, grams of gold on the right.
September 2026
- Basket · euros€143.47
- Basket · grams of gold1.18 g
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What you see
The chart shows what the same basket costs in euros, in US dollars and in grams of gold, each month at its own average rate and gold price. Combined puts euros on the left axis and gold on the right.
What it means
Prices rose in euros, but the euro bought more gold in some years and far less in others. The gold line shows how many grams the basket costs, not the weight of a specified basket of goods.
About the consumer-price comparison
- Eurostat’s harmonised index of consumer prices for Portugal (HICP, all items, dataset prc_hicp_minr, index 2025=100) is monthly and not seasonally adjusted. The basket is the index rebased to €100 in January 2010. Eurostat moved the HICP to base 2025 and to a new classification in January 2026; the page reads only the base-2025 series, which Eurostat publishes back to 1996, and never joins it to the base-2015 dataset.
- Each month uses its own average dollars per euro and euros per gram of gold (GC=F × EUR=X); a month without a complete set of daily rates has no gold or dollar figure, and no other month stands in for it.
September 2026: €143.47, US$164.99, 1.18 g. Eurostat HICP for Portugal, prc_hicp_minr, base 2025, not seasonally adjusted.
Eurostat consumer pricesWhat household deposits can buy
Deposits of households and non-profit institutions in Portugal were €200 billion in September 2026 (US$227 billion), which could buy 1,681 tonnes of gold at the month-end price.
Actual amounts: euros on the left axis, tonnes of gold buying power on the right.
September 2026
- Deposits · billion EUR€200.5bn
- Gold buying power · tonnes1,681 t
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What you see
The chart shows the deposits in euros, in US dollars and as the tonnes of gold they could buy at each month-end close. Combined puts euros on the left axis and gold on the right.
What it means
More euros in accounts do not always mean more purchasing power. The gold line shows what the deposits could buy, not gold that households own; the figures are aggregate stocks, not a typical household’s balance.
Which deposits are included?
- The deposits are those of households and of non-profit institutions serving households with the monetary financial institutions in Portugal, in euros; the two sectors are published together and are not separated. Banco de Portugal, BPstat series 12556727, monthly stocks in euro millions.
- The US dollar value uses the month-end euro rate and the gold buying power the month-end gold price in euros (the last close within seven days); a month without such a close has no figure of that kind.
September 2026: €200.5 billion, US$227.1 billion, 1,681 t of gold buying power. BPstat series 12556727, households and non-profit institutions, from December 1979.
Banco de Portugal statistics (BPstat)The euro against the dollar and gold
€100 bought US$123 and 9.4 grams of gold in December 2003; in October 2026 it buys US$112 and 0.8 grams.
Actual amounts: US dollars on the left axis, grams of gold on the right.
October 2026
- US dollars for €100$112.08
- Grams of gold for €1000.85 g
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What you see
The chart shows how many US dollars and how many grams of gold €100 bought each month, at the month’s average rates. Combined puts dollars on the left axis and gold on the right.
What it means
The number of euros stays the same while what they buy changes. This is a way to read the euro’s purchasing power, not an index or an investment return.
October 2026: €100 buys US$112.08 and 0.85 g. Monthly averages of EUR=X and GC=F, apart from the euro page’s daily quote.
The euro and goldQuestions about Portugal in gold
Can Portuguese house prices rise in euros and fall in gold?
A home can cost more euros and less gold at once. The one-year changes compare the latest quarter with the quarter four earlier, as the map of the municipalities below does, so both pages state the same change. In Q2 2026 the median sale price of a square metre of a Portuguese home was €2,264, US$2,641 or 19 g of gold, against 23 g of gold in Q2 2025.
How much gold does the Banco de Portugal hold, and why does its value change?
The bank values its gold at the market price at the end of each month, so a rising value can describe the same gold at a higher price rather than a larger reserve. The annual accounts state the weight once a year. In September 2026 the Banco de Portugal’s gold was worth €45.4 billion (US$51.4 billion), +13.5 % against a year earlier in euros. The bank’s report for 2025 states 382.7 tonnes of gold, unchanged during the year and worth €45.1 billion at the year-end market price (31 December 2025).
Why can everyday prices rise in euros but fall in gold?
Prices rose in euros, but the euro bought more gold in some years and far less in others. The gold line shows how many grams the basket costs, not the weight of a specified basket of goods. A basket that cost €100 in January 2010 costs €143 in September 2026: US$165, or 1.2 grams of gold, against 4.0 grams then.
Do the deposit figures mean households own that much gold?
More euros in accounts do not always mean more purchasing power. The gold line shows what the deposits could buy, not gold that households own; the figures are aggregate stocks, not a typical household’s balance. Deposits of households and non-profit institutions in Portugal were €200 billion in September 2026 (US$227 billion), which could buy 1,681 tonnes of gold at the month-end price.
What does the gold buying power of €100 mean?
The number of euros stays the same while what they buy changes. This is a way to read the euro’s purchasing power, not an index or an investment return. €100 bought US$123 and 9.4 grams of gold in December 2003; in October 2026 it buys US$112 and 0.8 grams.
Source and method
The Banco de Portugal publishes the gold and household deposit series in its BPstat service, Eurostat the harmonised index of consumer prices, and Statistics Portugal (INE) the median sale prices of homes. The providers supply the data only and do not endorse this page; the conversions into euros, US dollars and gold, and every derived figure, are Gold Standard’s own. This page is not investment advice.
Each section carries its own observation date. Retained provider files were retrieved 2026-11-02; the series are read from the providers once a day and fall back to them when a provider does not answer.
- The bank’s gold
- Banco de Portugal, BPstat series 12469159: the monetary gold bullion of the reserve assets, euro millions at the end of each month, at market value. The dollar value uses the month-end euro rate (the last EUR=X close within seven days).
- Stated holding and estimate
- The holding in the text is the one the bank’s report states at the year end, with its date. The tonnes in the Gold view are an estimate, the euro value divided by the month-end gold price in euros (GC=F × EUR=X), not a published holding.
- The shopping basket
- Eurostat’s harmonised index of consumer prices for Portugal, all items (dataset prc_hicp_minr, index 2025=100, monthly, not seasonally adjusted), rebased to a basket that cost €100 in January 2010. The series is checked by its dataset, unit and base before it is read; the base-2015 dataset is never joined to it. Each month is converted at its own average dollars per euro and euros per gram of gold.
- Household deposits
- The deposits are those of households and of non-profit institutions serving households with the monetary financial institutions in Portugal, in euros; the two sectors are published together and are not separated. Banco de Portugal, BPstat series 12556727, monthly stocks in euro millions. These are aggregate balances, not a typical household’s savings; the gold line shows what they could buy, not gold that households own.
- House prices
- The national median sale price per square metre of Statistics Portugal (INE), all dwellings, the median of the sales of the last twelve months, quarterly from the fourth quarter of 2019. Each quarter is converted at the average gold price and dollar rate of its twelve months; the one-year changes compare exact quarters, as the housing map does.
- The euro
- What €100 bought each month in US dollars and grams of gold, at the month’s average of EUR=X and GC=F, the histories of the euro page. Stocks use the rate and the gold price at the period end. It is no index, no investment return and no retail quote.
Source: Banco de Portugal (BPstat), bpstat.bportugal.pt.
Source: Eurostat, harmonised index of consumer prices (prc_hicp_minr), retrieved 2026-11-02.
Source: Instituto Nacional de Estatística – Portugal (Statistics Portugal), median value of dwellings sales in the last 12 months (all dwellings), quarterly, reference periods as stated on the page (CC BY 4.0). Gold Standard converts INE's figures into grams of gold and US dollars; the conversions are Gold Standard's, not INE's.
Carta Administrativa Oficial de Portugal (CAOP2025), Direção-Geral do Território, CC BY 4.0; shapes simplified.
The Banco de Portugal, Eurostat, Statistics Portugal and the Direção-Geral do Território supply the data only and do not endorse this page.