By Penny Laneford
PARIS — The Bank of France has completed the repatriation of the last 129 tonnes of French gold previously held at the Federal Reserve Bank of New York, a move that helped generate a capital gain of 13 billion euros, or about $15 billion, as gold prices rose, according to the central bank’s 2025 financial results.
The transfer means all 2,437 tonnes of France’s gold reserves are now stored in “La Souterraine,” the Bank of France’s underground vault in Paris. The operation closes out the country’s remaining gold custody position in New York and marks a full concentration of reserves on French soil.
The Bank of France said the gain on the repatriated holdings contributed to a net profit of 8.1 billion euros for the 2025 financial year. That compared with a significant loss in 2024, underscoring how sharply higher bullion prices altered the central bank’s balance sheet over the past year.
Gold has climbed as central banks continued to add to reserves, geopolitical tensions supported demand for safe-haven assets, and investors positioned for uncertainty around interest rates and global growth. For reserve managers, the price rally has also lifted the accounting value of long-held bullion stocks.
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France gold reserve is among the largest in Europe and globally. By bringing the final 129 tonnes back from New York, the Bank of France has completed a process that places the entirety of its official gold holdings under domestic custody in Paris.
Central banks have periodically reviewed where they store gold reserves, balancing liquidity, security, market access and national control. France’s decision to hold all of its gold in La Souterraine reflects a broader focus among some reserve managers on physical custody and strategic control over sovereign bullion assets.
The Bank of France did not indicate that the transfer changed the size of its overall gold reserves, only their location. The 2,437-tonne total remains unchanged, with the financial impact tied primarily to the rise in gold prices and the resulting revaluation gains recognized in its 2025 results.
