Central Banks Rethink Gold Reserves Amid Geopolitical Uncertainty
Central banks around the world are rethinking where they store their gold reserves. The Netherlands has moved about 86 tonnes of its gold from the US and Canada to London, while France shifted 129 tonnes from New York to Europe due to purity concerns. India's data shows a significant increase in domestic holdings.
The Dutch central bank cited crisis preparedness and easier access to London's gold market as reasons for transferring its reserves. Meanwhile, the French central bank opted to sell non-compliant bars in New York and replace them with equivalent gold in Europe, generating an exceptional capital gain of €11 billion in 2025.
India's Reserve Bank of India (RBI) held 880.52 tonnes of gold as of March 31, 2026, with about 77% of its total gold reserves now stored domestically. The RBI has not provided a specific reason for the change, but it marks a different approach compared to other countries.
Gold's price has also risen sharply in recent years, reaching an inflation-adjusted high of about $5,394 in February 2026. Goldman Sachs analysts predict that gold prices will reach $4,900 per troy ounce by the end of 2026.