Bank of France Completes Repatriation of Gold Holdings from United States with 15 Billion Dollar Gain

The Bank of France has completed the withdrawal of its remaining gold reserves held in New York, replacing them with equivalent quantities of gold bars now stored in its Paris vaults. The transferred gold totalled 129 tonnes, representing approximately 5 per cent of the bank’s overall holdings, according to an official press release issued by the institution last week.

France ranks amongst the world’s largest holders of gold reserves. The nation has maintained storage arrangements with the Federal Reserve Bank of New York since the late 1920s. A repatriation programme commenced during the 1960s, coinciding with the period leading to the United States’ termination of the Bretton Woods system. This decision effectively ended the convertibility of dollars to gold for foreign governments. Despite these earlier repatriation efforts, France continued to store a modest portion of its gold reserves with the Federal Reserve Bank of New York until this recent operation.

Over the previous two decades, the Bank of France has pursued a systematic programme to replace older or non-standard gold holdings with bars that comply with contemporary international standards. The institution’s holdings in New York fell into this category of non-standard reserves. Following recommendations outlined in a 2024 internal audit, the bank proceeded with the replacement of its United States-held gold between July 2025 and January 2026.

The bank elected to sell the existing bars and purchase new bullion within European markets rather than undertake the refining and physical transportation of the gold. BdF Governor Francois Villeroy de Galhau emphasised that the decision to retain the new bars in Paris carried no political motivation, noting that the higher-standard gold bars acquired were traded on European markets.

The transaction yielded substantial financial benefits due to the appreciation in gold prices. The operation generated a capital gain of €13 billion, equivalent to $15 billion. This contributed to a net profit of €8.1 billion for the 2025 financial year, marking a significant reversal from the €7.7 billion net loss recorded in 2024.

The total volume of France’s gold reserves remains unchanged at approximately 2,437 tonnes. These holdings are now stored entirely within the Bank of France’s underground vault facility at La Souterraine. The French central bank retains 134 tonnes of gold requiring standardisation, with completion of this upgrading programme targeted for 2028.