Central Banks Accelerate Gold Repatriation Amid Dollar Decline

The dollar's share of global central bank reserves has continued to decline, falling from 65.8% in 2015 to 56.7% in 2025.

Meanwhile, gold's share has risen to nearly 27%, a 40-year high. This has led to a new wave of gold repatriation, with countries such as the Netherlands and France bringing their gold reserves back home from overseas storage facilities.

The Dutch central bank announced it had moved 86 tonnes of gold from North America to London, while France fully liquidated its 129 tonnes of gold stored in the United States between July 2025 and January 2026 through swap arrangements.

Analysts point to a range of factors driving this trend, including the freezing of Russian central bank assets following the Russia-Ukraine war, escalating Middle East tensions, the Federal Reserve's rate hike, and America's widening fiscal deficit.