France Gold Reserves: Recent Shift and Trends

France’s Banque de France has recently shifted 129 tonnes of gold reserves from New York to Paris, a move that accounts for nearly five percent of the nation’s total gold stockpile of approximately 2,437 tonnes. This transaction generated a profit of €12.8 billion, highlighting the financial benefits of the repatriation.

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 shift is part of a broader trend among central banks worldwide, with 59 percent now preferring 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 that dates back to World War II. The recent repatriation reflects a growing sentiment among central banks to secure their reserves domestically.

In comparison, Germany continues to store around 1,236 tonnes, or roughly 37 percent of its reserves, in US vaults, while India has repatriated more than 274 tonnes of gold since March 2023, holding about two-thirds of its total gold reserves domestically.

The Banque de France also reported a net profit of €8.1 billion for 2025, a significant turnaround from a loss of €7.7 billion the previous year. This financial recovery may further influence the central bank’s future decisions regarding gold reserves.

As central banks increasingly prioritize domestic storage, observers will be watching to see if this trend continues and how it might affect global gold markets. Details remain unconfirmed regarding any additional shifts in France’s gold strategy.