By Vince Lanci, GoldFix:



LONDON: Central banks are increasingly moving gold reserves out of traditional storage hubs in London and New York, reflecting growing concerns about geopolitical risk, sanctions exposure, and maintaining uninterrupted access to sovereign assets.

According to the latest annual survey published by the World Gold Council, fewer central banks report storing gold in London and New York than a year ago, while a rising number say they have increased domestic storage or diversified where their bullion is held. The findings were first reported by the Financial Times and are based on responses from 76 central banks collected between February and May.

A Shift In Storage Strategy

The survey found that 19% of respondents increased domestic storage or diversified overseas storage locations during the past year, up from just 7% in the prior survey.

“Geopolitical concerns” and “fears about maintaining full access to your gold at all times” are driving central banks to rethink where their reserves are stored.

That assessment came from Shaokai Fan, Global Head of Central Banks at the World Gold Council.

Fan added:

“Those concerns have been simmering for a long time, of course, but I think that central banks are now taking this a little bit more to heart, thinking more about where they should store their gold.”

The data suggest that while London and New York remain central to the global bullion market, reserve managers are increasingly seeking redundancy and flexibility in their storage arrangements.

France And India Lead Recent Moves

Among the most significant developments was France’s decision to remove 129 tonnes of gold from the Federal Reserve Bank of New York between July 2025 and January 2026.

According to the report, the Banque de France sold the U.S.-based bars and purchased equivalent bars in Europe, benefiting from pricing differentials created by elevated U.S. bullion premiums while simultaneously upgrading the quality of its gold stock.

India has also continued a major repatriation effort.

Reserve Bank of India data show that the share of Indian gold reserves stored overseas fell to 22% in March 2026 from 55% in March 2023, reflecting a multi-year strategy to bring bullion closer to home.

Alternative Vaulting Hubs Emerging

The trend comes as Asian financial centers seek to capture a larger role in the global gold ecosystem.

Singapore recently announced plans to launch an over-the-counter gold clearing system and central-bank vaulting services, while Hong Kong continues expanding its precious-metals infrastructure.

These developments provide reserve managers with alternatives beyond the traditional London-New York framework.

The Numbers Behind The Shift

The World Gold Council survey found that:

• 57% of respondents said they store gold at the Bank of England, down from 64% a year earlier.

• 14% reported storing gold at the Federal Reserve Bank of New York, down from 17% previously.

• Use of the Bank for International Settlements as a storage location increased modestly.

Despite the decline in survey participation rates, London remains the dominant physical gold hub. The Bank of England’s total bullion holdings were 8.6% higher at the end of May than a year earlier, and officials have previously stated that roughly 70 countries store gold there.

GoldFix Comment

For years, the conversation around central-bank gold buying focused on how much gold was being purchased. Increasingly, the more important question may be where that gold is being stored.

Repatriation is not simply a logistical exercise. Gold held abroad exists within another jurisdiction, another legal framework, and another political environment. Gold held at home exists under direct sovereign control.

The survey suggests that reserve managers are no longer treating storage decisions as an operational detail. They are treating them as a strategic risk-management decision.

Continues at GoldFix: