The era of storing sovereign gold beneath Lower Manhattan is rapidly closing. A new World Gold Council survey reveals a historic shift: 59% of central banks now hold at least part of their reserves domestically, up sharply from 41% just two years ago.
France executed 26 transactions to bring 129 tonnes, valued at roughly $15 billion, back to Paris from the Federal Reserve Bank of New York. India has repatriated approximately 280 tonnes over four years and now stores over 65% of its gold at home. Renewed pressure is mounting in Germany to retrieve the 1,236 tonnes still held in New York.
By early 2026, collective central bank gold holdings reached approximately $4 trillion, surpassing US Treasury holdings for the first time. This preference for a zero-yielding, physical asset over liquid, interest-bearing securities signals a profound recalculation of sovereign risk.
The 2022 freezing of Russian central bank assets shattered the assumption that foreign-held reserves were unconditionally safe. That shockwave continues to drive a strategic, long-term realignment as central banks have been buying roughly 1,000 tonnes of gold annually for the past four years, creating a durable demand floor for the market.