BELGRADE, Sept. 8 (Xinhua) -- Moves by several European countries to relocate gold reserves held in the United States have drawn attention to growing concerns over reserve security and geopolitical risks, as central banks worldwide reassess the balance between gold and the U.S. dollar.
The Dutch central bank said on Sept. 2 that it had transferred about 86 tons of gold from New York and Ottawa to London between March and August this year. Following the move, the share of the Netherlands' gold reserves held in New York fell from 31.3 percent to 18.5 percent, while the share held in London rose from 18.1 percent to 32.1 percent.
The move followed a similar adjustment by the French central bank. In April, the bank said it had completed relocating 129 tons of gold previously held at the Federal Reserve Bank of New York between July 2025 and January 2026. The amount represented about 5 percent of France's gold reserves.
Germany has also reduced its gold holdings abroad, repatriating 674 tons of gold between 2013 and 2017, including 300 tons from New York and 374 tons from Paris. This year, further calls for repatriation have resurfaced amid rising geopolitical tensions and transatlantic trade frictions under the current U.S. administration.
Analysts said the moves reflected concerns about the security of overseas reserves and geopolitical risks.
Nader Antar, executive vice president of Brink's Global Services, said that "heightened geopolitical and economic uncertainty, together with the growing role of gold as a strategic reserve asset, appears to have contributed to this trend."
Laurent Schwartz, president of the French gold trading institution National Gold Counter, said central banks had been adjusting the locations of their gold holdings for years, adding that "the current political environment in the United States may prompt some central banks to favor other storage locations."
Frederic Schneider, a senior researcher at the Middle East Council on Global Affairs in Qatar, said the moves reflected efforts to secure greater physical control over national gold reserves. He also noted that the United States' growing use of the dollar, international trade relations and global payment systems as geopolitical tools has prompted many countries to reassess how and where they hold their reserves.
Paul Donovan, chief economist at UBS Global Wealth Management, said measures aimed at increasing the liquidity of gold holdings were "not normal behavior." Given central banks' traditionally cautious approach to reserve management, he said, such adjustments send a strong signal about "trust" and the United States' international reputation.
The moves came as central banks worldwide continue to increase their exposure to gold while reassessing the U.S. dollar's role in their reserves.
The trend has coincided with elevated international gold prices, which reached a record high of around 5,600 U.S. dollars per ounce in January before easing to around 4,400 dollars as of Tuesday.
According to the World Gold Council's 2026 Central Bank Gold Reserves Survey, 74 percent of reserve managers expect the U.S. dollar's share in global reserves to decline over the next five years, while 84 percent expect gold's share of reserves to increase. Meanwhile, 45 percent expect to increase their own gold holdings over the next 12 months.
The survey also showed that central banks had purchased significantly more gold over the past four years than they did a decade ago.
