Central Banks Pull Gold From London and New York as 19% Boost Domestic Storage
Updated
Updated · Financial Times · Jun 16
Central Banks Pull Gold From London and New York as 19% Boost Domestic Storage
3 articles · Updated · Financial Times · Jun 16
Summary
World Gold Council survey data showed fewer central banks storing gold in London and New York than a year ago, while 19% said they increased domestic storage or diversified vault locations over the past 12 months, up from 7%.
Geopolitical conflict, sanctions risk and fears of losing access to bullion are driving the shift, as central banks reassess gold’s role after it overtook US Treasuries as the world’s top reserve asset.
France moved 129 tonnes from the New York Fed between July 2025 and January 2026 and now keeps all its gold at home; India cut the share of its gold held overseas to 22% in March 2026 from 55% in 2023.
London still dominates the trade with more than $200 billion in daily turnover and over $700 billion stored at the Bank of England, but Singapore and Hong Kong are pitching alternative vaulting services as political pressure grows in Europe.
As nations pull their gold from New York, is the era of US-led financial dominance officially over?
With central banks hoarding gold, is the $6,300 price forecast for late 2026 now a conservative bet?
$4 Trillion Gold Repatriation: How Central Banks Are Redefining Global Reserve Strategy and Challenging the Dollar
Overview
Central banks around the world are rapidly repatriating and accumulating gold, signaling a major shift in global financial strategies. This trend shows a growing preference for gold over the US dollar as a reserve asset. Germany, for example, still holds a large portion of its gold in New York but faces strong domestic pressure to bring it home, with politicians from several parties supporting this move. The ongoing debate in Germany highlights how political and economic factors are driving the push for gold repatriation, reflecting a broader global movement toward greater financial sovereignty and security.