Dutch Central Bank Moves 86 Metric Tons of Gold to London

The Dutch central bank moved about 86 metric tons of gold from the United States and Canada to London between March and August as other central banks reviewed reserve storage amid U.S. policy uncertainty and tariff risks.

London now holds 32.1% of the Dutch central bank’s 612.4 metric tons of gold, up from 18.1%. The move was intended to make the metal easier to trade and access during a severe crisis.

At the end of September 2026, London’s commercial vaults and the Bank of England’s vaults held a combined 9,821 metric tons of gold, 1.96% more than a month earlier and worth about $1.3 trillion.

London’s over-the-counter market lets participants lend, swap or trade gold without physically transferring bars, supporting the city’s role in storage and central-bank reserve management. New York remains the main center for gold futures and derivatives.

The freezing of Russian sovereign assets held abroad after the war in Ukraine began has heightened attention to where reserves are held and whether they can be accessed in a crisis. There is no sign of a broad withdrawal of central-bank gold from U.S. custody. Singapore and Hong Kong are also expanding gold storage and trading infrastructure, adding to Asia’s role in the global market.