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CommoditiesMediumUpdated×3•Originally published 6 April 2026•Updated 8 April 2026•
1 min read

France Completes Gold Reserve Repatriation from US, Reports €12.8 Billion Gain

Key Facts

1The Banque de France announced it has repatriated the last of its gold reserves held in New York, replacing them with international-standard bars held in Paris.
2The Banque de France generated a capital gain of €12.8 billion after upgrading 129 tonnes of gold between July 2025 and January 2026.
3UBS expects strong demand for gold from China to persist in the coming period.

The Banque de France has finalized the repatriation of its gold reserves from the New York Federal Reserve, booking a significant €12.8 billion capital gain. This strategic process involved upgrading 129 tonnes of gold to meet international 'London Good Delivery' standards for enhanced market liquidity. A new central bank survey indicates that rising geopolitical risks are driving more monetary institutions to increase their gold holdings globally. China purchased an additional 5 tonnes of gold in March to bolster its reserves, while Turkey monetized 118 tonnes during the same period. These developments, alongside the influence of BRICS+ nations, underscore a structural shift from US dollar reserves toward physical gold assets. Furthermore, UBS forecasts suggest that persistent demand from China will continue to provide a solid floor for gold prices. Ultimately, France's move reflects a broader strategic emphasis on financial sovereignty and direct asset control amid heightened global uncertainty.