Central banks relocate gold reserves amid geopolitical uncertainty

Central banks are increasingly redistributing their gold reserves to mitigate risks associated with rising geopolitical uncertainty. This trend involves moving assets away from North American custodians toward other major financial hubs.

France recently completed the removal of all its gold held at the New York Fed between July 2025 and January 2026. Similarly, the Dutch central bank, De Nederlandsche Bank (DNB), relocated over 78 tons of gold from New York and 7 tons from Canada to London. DNB Governor Olaf Sleijpen noted that moving reserves to the Bank of England enhances crisis preparedness and accessibility, given London’s status as a primary global bullion trading hub.

While the New York Fed has historically served as a major custodian for international gold since World War II, the volume of gold held there has declined significantly from its peak in the early 1970s. This reshuffling is part of a broader, long-term pattern of central banks seeking to strengthen financial resilience and autonomy.