Gold reserves are on the move, but central banks are choosing different vaults

Central banks are shifting gold reserves to different locations, with varying motivations behind the moves. The Netherlands has relocated 86 tonnes of its gold from the United States and Canada to London, citing crisis preparedness and easier access to London's gold market. France has moved 129 tonnes of its gold from New York to Europe, as its New York-held bars did not meet the required purity standard. India, on the other hand, has seen an increase in domestic holdings, with 77% of its gold now held within the country.

These moves follow as central banks continue to buy gold and evaluate where their reserves should be stored. London has benefited from the Dutch gold, as the Netherlands has transferred approximately 86 tonnes of gold from New York and Ottawa to London between March and August 2026. New York and Ottawa still hold 18.5% of the country's total reserves, but London has risen to become the largest overseas location for Dutch gold, with 32.1% of its gold held there.

The Bank of England remains one of the world's largest gold custodians, holding about 400,000 bars worth over £200 billion.

France's decision to relocate gold from New York to Europe was due to purity concerns, as 129 tonnes held in New York did not meet the London Bullion Market Association's 99.99% purity standard. The Banque de France sold the bars and bought equivalent gold in Europe, generating an exceptional capital gain of €11 billion in 2025.

India's gold reserves have also increased, with 77% now held domestically compared to 63% in March 2025. However, this shift is in the opposite direction, with India moving gold from abroad to within its borders. Germany provides an earlier example of a major gold repatriation program, transferring gold from New York and Paris to Frankfurt between 2013 and 2017.