Quick overview

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Instead of refining and transporting the older gold from the United States, the institution decided to sell it and purchase new bullion that complies with the international standards currently used in the European market.

The Bank of France sold part of its gold reserves that had been stored at the Federal Reserve in New York. Rather than transporting the metal, it bought an equivalent amount in Europe, allowing it to generate a profit of €12.8 billion.

France’s gold reserves currently total about 2,437 tonnes, considered the fourth-largest in the world, and are now entirely held in Paris. Of this total, around 134 tonnes correspond to old bullion bars and coins that the Bank of France plans to modernize so they meet current standards by 2028.

How the operation to move the gold from the U.S. to Europe worked

Instead of refining and transporting the older gold from the United States, the institution opted to sell it and acquire new bars that meet the international standards currently used in the European market.

The transaction was carried out through 26 separate operations between July 2025 and early 2026.

The bank sold 129 tonnes of gold—around 5% of France’s total gold reserves—which represented the last holdings that remained in New York. All French gold reserves are now located in Paris.

France has stated that it wants all of its reserves to be held exclusively in its capital. The decision strengthens the autonomy of the French financial system at a time of rising tensions and shifting alliances within the Western world.