Since the beginning of this year,Some European countries have reduced the size of their gold reserves in the United States.Market analysis believes that this is due to the safety of gold storage and the avoidance of geopolitical risks,Behind the scenes, it highlights the credibility risk that the United States is increasingly weaponizing tools such as the dollar.

The Dutch central bank announced on September 2 that from March to August this year, the bank transferred about 86 tons of gold from New York and Ottawa to London. After adjustment, the proportion of Dutch gold reserves held in New York fell from 31.3 per cent to 18.5 per cent, while the proportion held in London rose from 18.1 per cent to 32.1 per cent.

In April this year, the Bank of France announced that it had completed the adjustment of 129 tons of gold originally stored in the Federal Reserve Bank of New York between July 2025 and January 2026, which accounts for about 5% of France's gold reserves.

Reserve gold (Figure: Xinhua International)

BNP Paribas headquarters in Paris (Figure: Xinhua International)