Why are central banks moving their gold reserves

You asked, we answered: Why are central banks moving their gold reserves

Gold on the move On 2 September, De Nederlandsche Bank (DNB) announced that it had transferred approximately 86t of gold from New York and Ottawa to London. 1 The operation, conducted between March and August 2026, was designed to improve the liquidity and tradability of DNB’s gold reserves and strengthen its preparedness for severe crises.

At first glance, the decision might look like another example of a central bank bringing its gold closer to home. It is more revealing than that. London’s share of Dutch gold reserves rose from 18.1% to 32.1%, surpassing domestic holdings of 30.8% and making London, rather than the Netherlands, the largest single storage location for Dutch gold. The shares held in New York and Ottawa fell to 18.5% each, from 31.3% and 19.7%, respectively.

The mechanics were equally significant. Around 59t was sold in New York and replaced with internationally tradable gold in London. More than 27t of gold was physically transported from North America to DNB’s facility in Zeist, while a similar quantity moved from Zeist to London. This was therefore a strategic reallocation of reserve locations, not simply 86t of bullion being flown across the Atlantic.

The announcement nevertheless highlights a broader shift in central bank thinking on where gold reserves should be stored to balance security, accessibility and liquidity.

From repatriation to location strategy Gold repatriation is not new. 2 In 2000, Germany transferred around 930t from London to Frankfurt, with the Bundesbank subsequently confirming that the gold had been inspected and that some bars were to be recast to meet Good Delivery standard. 3 But the issue became much more prominent after the global financial crisis.

Venezuela returned 160t from foreign institutions in 2011–12. 4 Germany followed with a second programme, transferring 674t from New York and Paris to Frankfurt between 2013 and 2017. 5 The Netherlands moved 122.5t from New York to Amsterdam in 2014, 6 while Austria moved 90t from London between 2015 and 2018. 7 Later in the decade, Türkiye changed the overseas custody location of part of its gold, while Hungary and Poland moved physical reserves into domestic storage.

The range of countries reviewing or changing their gold storage arrangements has broadened since then. Serbia reportedly returned around 13t between 2021 and 2022. 8 India has progressively increased domestic gold holdings since 2022, with the pace of relocation accelerating sharply after March 2023. 9 France also changed the geographical distribution of its gold exposure in 2025–26, selling 129t held in New York and acquiring an equivalent quantity of replacement gold in Europe. The Banque de France did not describe the operation as a physical relocation. 10

1. DNB improves tradability of gold reserves, De Nederlandsche Bank 2. Repatriation refers to the return of overseas-held gold to domestic custody. Other location changes can involve moving gold between foreign custodians, or selling gold in one market and replacing it in another, without changing the quantity owned. 3. ‘We had nothing but the best of experiences with our partners’ – Bundesbank on why it keeps its gold overseas, mining.com 4. Venezuela completes repatriation of gold reserves, Central Banking 5. Bundesbank completes gold transfer ahead of schedule, Bundesbank 6. Dutch central bank to move gold reserves out of Amsterdam, DutchNews 7. Gold reserves, Oesterreichische Nationalbank 8. Serbia to become first Eastern European country to store all gold reserves domestically, Serbia Business 9. Half Yearly Report on Management of Foreign Exchange Reserves, Reserve Bank of India 10. Banque de France 2025 results, Banque de France

You asked, we answered: Why are central banks moving their gold reserves 01

Chart 1: Selected central bank repatriations, strategic relocations and uncompleted proposals since 2000

Dates reflect the announcement or broad programme period. Routes are simplified. Changes in custody position do not always prove physical shipment. Source: World Gold Council analysis of central bank disclosures and cited public sources

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