France repatriates all gold from United States, secures $15 billion gain

Thursday 09 April 2026 - 08:50

By: Dakir Madiha

France repatriates all gold from United States, secures $15 billion gain

The Bank of France has completed the withdrawal of its remaining gold reserves from the New York Federal Reserve, ending nearly a century of partial overseas storage. Conducted in 26 transactions from July 2025 to January 2026, the operation covered 129 tonnes—about 5 percent of France's total reserves and generated gains of nearly 13 billion euros, or $15 billion. All 2,437 tonnes of French gold now sit in the underground vault at La Souterraine in Paris, positioning France among top nations holding sovereign gold domestically.

Instead of shipping metal across the Atlantic, the bank sold non-compliant old bars held in New York and repurchased equivalent amounts of higher-quality fine gold on European markets. This met international standards for weight, purity, and certification. The approach followed a 2024 internal audit urging upgrades to U.S.-held stock. High gold prices during transactions boosted results, shifting the central bank from a 7.7 billion euro net loss in 2024 to an 8.1 billion euro profit in 2025. Reuters noted gains split as 11 billion euros in 2025 and 1.8 billion in 2026.

Governor François Villeroy de Galhau stressed the move stemmed from practical needs to acquire better gold via European deals, not politics. Still, it drew scrutiny amid rising geopolitical tensions. Analysts linked it to unease over U.S. policy unpredictability under President Donald Trump, echoing debates in Berlin and other European capitals. One expert told Yahoo News that Trump's revenue pursuits made Fed vaults feel insecure. France began large-scale repatriation in the 1960s before Bretton Woods collapsed and still holds 134 tonnes of substandard gold domestically, targeted for upgrade by 2028.