Central Banks Shifting Gold Reserves Amid Geopolitical Unrest

Central banks are reevaluating their gold reserves and storage locations, driven by concerns over liquidity, tradability, and geopolitical unrest.

The Netherlands has moved approximately 86 tonnes of its gold from New York and Ottawa to London, citing crisis preparedness and easier access to the London market. The relocation reduced the share of Dutch gold held in North America from 50.5% to 37%, while London's share rose to 32.1%.

France, on the other hand, shifted 129 tonnes of its gold from New York to Europe due to non-compliance with the London Bullion Market Association's purity standard. Instead of transporting and remelting the bars, France sold them and bought equivalent gold in Europe, generating an exceptional capital gain of €11 billion in 2025.

India's data shows a rise in domestic holdings, with about 77% of its gold reserves now held within the country. The Reserve Bank of India has not explained this change.