Bank of France pulls last gold holdings from New York and books nearly €13 billion gain

France’s central bank has completed the withdrawal of its remaining gold stored in New York, replacing it with standard-compliant bullion in Paris in a move that boosted its 2025 earnings.

The Bank of France has completed the withdrawal of the last portion of its gold that had remained stored in New York, ending a decades-long legacy of keeping part of the country’s bullion reserves in the United States. The operation covered 129 tonnes, equal to about 5% of France’s total gold holdings, and the metal was replaced with an equivalent amount of gold bars now held in Paris.

France, one of the world’s largest official gold holders, had kept part of its reserves at the Federal Reserve Bank of New York since the late 1920s. Most of that gold was gradually repatriated beginning in the 1960s, around the period that led up to the end of the Bretton Woods system, but a small share had remained in the US until now.

Gold reserve upgrade lifts Bank of France results

The transaction was part of a broader modernization program under which the Bank of France has been replacing older or non-standard bullion with bars that meet current international market standards. Following a 2024 internal audit, the bank completed the upgrade of the New York-held gold between July 2025 and January 2026. Instead of physically refining and transporting the metal, it sold the old bars and purchased compliant bullion in Europe.

Because the operation took place during a period of high gold prices, the bank recorded a one-off capital gain of nearly €13 billion. Reuters reported that the gain was split between about €11 billion booked in 2025 and €1.8 billion in 2026, helping the central bank swing to a net profit of €8.1 billion for 2025 after a net loss of €7.7 billion in 2024.

France keeps total reserves unchanged at 2,437 tonnes

The overall volume of France’s gold reserves did not change and remains at roughly 2,437 tonnes, but the composition and location of part of the stock have now been updated. The newly acquired bars are being held in Paris rather than New York, meaning France’s reserves are now fully concentrated in the central bank’s domestic vaults.

Bank of France Governor François Villeroy de Galhau said the decision to keep the new bars in Paris was not politically motivated, but instead reflected the fact that the higher-standard bars were purchased on the European market.

More reserve modernization still ahead

The central bank said it still has 134 tonnes of gold, mostly older bars and coins already held in Paris, that must be brought up to modern standards. That work is expected to continue through 2028.

The move highlights how central banks are not only managing the size of their gold reserves, but also their quality, tradability and storage strategy. In France’s case, the final withdrawal from New York closes a historic chapter while strengthening the market readiness of its bullion holdings.