Eurozone Banks Ditch US Gold Reserves Amid Rising Geopolitical Tensions

European central banks are shifting their gold reserves away from North America in response to growing geopolitical uncertainty.

The Netherlands has relocated about 86 tonnes of gold from its holdings in the U.S. and Canada to London between March and August, as part of an effort to make its reserves more accessible and tradable during a severe crisis.

This move follows France's decision to remove its remaining gold from New York and echoes Germany's earlier programme to bring hundreds of tonnes back to Frankfurt.

The Bank of England is attractive to central banks because bullion held there sits at the heart of one of the world's biggest gold markets, allowing reserves to be quickly bought, sold or deployed when required.