Central Banks Shift Gold Reserves Amid Geopolitical Uncertainty

Central banks around the world are relocating their gold reserves to different vaults, citing various reasons such as crisis preparedness, easier access to markets, and purity standards. The Netherlands recently transferred approximately 86 tonnes of its gold from the United States and Canada to London between March and August 2026, with over 78 tonnes coming from New York and about 7 tonnes from Ottawa. This move reduced the share of Dutch gold held in New York from 31.3% to 18.5%, while London's share rose from 18.1% to 32.1%, making it the largest overseas location for Dutch gold.

The Banque de France also moved 129 tonnes of its gold from New York to Europe, but gave a different reason for the decision, citing that the bars held in New York did not meet the London Bullion Market Association's 99.99% purity standard. Instead of transporting and remelting the bars, it sold them and bought equivalent gold in Europe.

India's latest official figures show a rise in domestic holdings, with about 77% of its gold reserves now held within the country, up from around 51% in March 2025. The Reserve Bank of India has not explained the change.