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Central banks repatriate gold as global insecurity rises
By Leslie Hook and Krishn Kaushik
Financial Times, London
Tuesday, June 16, 2026
Global central banks are removing gold from vaults in London and New York as they become more skittish about storing bullion outside their own borders, according to a new survey.
The central banks of India and France are among those that have relocated huge volumes of gold out of the U.S. and U.K. in the past year to store more domestically -- part of a trend of the institutions bringing bullion home and diversifying the storage location of their reserves.
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For years central banks have been increasing their holdings of gold, which recently surpassed U.S. Treasuries to become the world's top reserve asset, as many seek alternatives to the U.S. dollar, the de-facto reserve currency.
However, increasing geopolitical conflict, sanctions regimes, and a decline in trust have put strains on a gold trading system that relies heavily on London -- where huge vaults at the Bank of England store more than $700 billion of the yellow metal -- and on New York, the largest gold futures market.
According to an annual survey published on Tuesday by the World Gold Council -- an industry body that represents gold miners and administers a bullion-backed exchange traded fund -- fewer central banks say they are storing the yellow metal in London and in New York than said so a year earlier. ...
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https://www.ft.com/content/c7164737-2988-4f1c-aba4-244bda4844c7?syn-25a6b1a6=1
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