Central Banks Repatriate Gold Reserves Amid Geopolitical Uncertainty

Central banks around the world are re-evaluating their gold reserves and storage strategies. The Netherlands, for instance, has moved about 86 tonnes of its reserves from New York and Ottawa to London between March and August 2026.

The Dutch central bank said it made this move in response to 'increasing geopolitical unrest'. It cited crisis preparedness and easier access to London's gold market as reasons for the transfer. The relocation is expected to improve the liquidity and tradability of its reserves, making them more readily available during a crisis.

France also shifted 129 tonnes from New York to Europe, citing that the bars held in New York did not meet the required purity standard. Instead of transporting and remelting the bars, it sold them and bought equivalent gold in Europe, resulting in an exceptional capital gain of €11 billion in 2025.

India's data shows a different pattern, with a larger share of its gold now held domestically. The Reserve Bank of India (RBI) holds 880.52 tonnes of gold as of March 31, 2026, with about 77% held within the country.