France Repatriates Gold Holdings as Central Banks Increase Bullion Reserves

France has reportedly earned about €13 billion (US$15.1 billion) through a restructuring of its gold reserves while joining a broader global trend of central banks increasing and repatriating their bullion holdings, Moneywise reported.

France has shifted part of its gold reserves to domestic storage amid a broader global trend of central banks increasing bullion holdings. (Photo: acmolenaar Flickr)

Beginning in mid-2025, the Bank of France sold 129 metric tons of gold stored in New York and replaced it with newer, higher-quality bullion held in Paris.

According to the report, then-Bank of France Governor François Villeroy de Galhau said the move was not politically motivated. Rather than replacing the U.S.-stored gold overseas, the central bank opted to hold the replacement bullion domestically.

The development comes as more countries review the location of their gold reserves amid heightened geopolitical uncertainty.

According to the World Gold Council's 2026 Central Bank Gold Reserves Survey, 89% of reserve managers expect official global gold holdings to increase over the next year, while a record 45% anticipate expanding their own institutions' reserves.

The survey found that inflation, interest rates, and geopolitical tensions remain the primary drivers of central bank demand for gold.