Central banks are pulling gold out of London and New York vaults as geopolitical risk spikes, a World Gold Council survey shows. India and France have moved large batches home in the past year, signalling a shift from the traditional bullion hubs. The move follows years of rising gold holdings that now eclipse US Treasury securities.

The Bank of England still stores the most official bullion, but its share fell to 57 % from 64 % last year, while the New York Fed slipped to 14 % from 17 % previously. Over the same period, 19 % of respondents said they increased domestic storage or diversified locations, up from 7 % previously, reflecting growing distrust of overseas vaults among policy makers today.

France completed the largest recent repatriation, removing 129 tonnes from the New York Fed between July 2025 and January 2026 and swapping them for European bars, netting a profit of €11bn. Singapore and Hong Kong are courting central banks with new vaulting services, while London’s $200bn‑daily turnover remains a liquidity magnet despite the shift for global investors seeking safe haven in 2026.