France’s Banque de France has recently shifted 129 tonnes of gold reserves from New York to Paris, accounting for nearly five percent of the nation’s total gold stockpile of approximately 2,437 tonnes. This strategic move involved selling older non-standard bars and purchasing new compliant bullion in Europe, generating a profit of €12.8 billion.
François Villeroy de Galhau, the Governor of the Banque de France, stated, “The effort was aimed at replacing older, ‘non-standard’ gold bars with bullion that meets current international specifications.” This repatriation is part of a broader trend among central banks worldwide, as 59 percent now prefer to keep their gold within national borders, up from 41 percent in 2024.
Historically, France stored a portion of its gold at the Federal Reserve in New York, a practice dating back to World War II. This recent transaction reflects a shift in strategy, aligning with global trends where countries are increasingly opting for domestic storage of their gold reserves.
In comparison, Germany continues to store around 1,236 tonnes of its gold reserves in US vaults, while India has repatriated more than 274 tonnes of gold since March 2023, with about two-thirds of its total gold reserves held domestically.
The Banque de France reported a net profit of €8.1 billion for 2025, a significant recovery from a loss of €7.7 billion the previous year. This financial turnaround may bolster confidence in the bank’s gold management strategy.
As central banks continue to reassess their gold storage strategies, observers are keen to see how this trend evolves. The shift towards domestic storage is likely to influence global gold markets and the strategies of other nations regarding their reserves.
Details remain unconfirmed regarding any future plans for additional repatriation or changes in gold management strategies by the Banque de France.
