London remains dominant: The Bank of England stores gold for 57% of surveyed central banks, although that share has fallen from 64%.
Domestic storage is gaining importance: Central banks increasingly value direct control, while 10% diversified overseas storage locations during the past year.
Gold demand remains strong: Central banks have bought about 1,000 tonnes annually over the past four years, roughly twice the previous decade’s average.
Gold sits at the heart of many central-bank reserve plans, yet the location of that gold now matters more than ever. For decades, London stood as the main foreign vault for official gold. The Bank of England offers deep security, strong market access and a direct link to the London bullion market. Its vaults contain about 400,000 gold bars across nine underground vaults. That role still gives London a clear lead, but central banks now show a stronger desire for geographic choice.
The World Gold Council’s 2026 Central Bank Gold Reserves Survey offers the clearest evidence. The survey covered 76 central banks, the largest sample in its nine-year history. Some 57% of those central banks use the Bank of England for gold custody. The figure stood at 64% in the 2025 survey. The New York Federal Reserve also saw a small decline, from 17% to 14%. Domestic vaults remain important, with 49% of respondents reporting some gold at home.
The latest figures show a stronger focus on control, access and risk. During the past year, 9% of surveyed central banks increased their domestic gold storage, up from 5% in the prior survey. Another 10% diversified their overseas storage locations, compared with only 2% a year earlier. The shift does not point to a simple move from foreign vaults to national vaults. Instead, central banks now prefer a wider mix of locations.
That choice reflects a basic concern: gold must remain available during a political or financial crisis. A reserve held in another country may face legal limits, sanctions or access problems during a major dispute. Domestic gold offers direct control. Foreign vaults still offer major benefits, such as market access and easier trade. A mix of both options can give a central bank greater protection.
France offers one of the clearest recent examples. The Banque de France had 129 tonnes of gold in New York that did not meet its preferred standard. Rather than move those bars across the Atlantic, the bank sold the US-held gold and bought high-standard bars in Europe. The operation took place from July 2025 to January 2026. The 129 tonnes represented about 5% of France’s total gold stock. The sale produced an exceptional €11 billion capital gain in 2025.
The French case matters for another reason. It shows that gold repatriation does not always require trucks, aircraft or a large physical transfer. A central bank can sell gold in one market and buy equivalent gold closer to home. That method can reduce logistical risk while also giving the bank greater control over the location and quality of its reserve.
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India provides another major example of this trend. Reserve Bank of India data and recent reports show a large rise in domestic custody. By March 2026, about 197.7 tonnes of India’s gold remained overseas, equal to roughly 22% of its total holdings. That share stood above 50% just a few years earlier. India has therefore moved a substantial part of its reserve stock toward domestic vaults.
The change fits a wider reserve strategy. Gold now has a role that extends beyond simple wealth storage. Central banks view it as a reserve asset that can retain value when currencies, bonds or financial markets face severe stress. The World Gold Council found that 90% of survey respondents value gold for its performance during crises. Some 84% cite its long-term store-of-value role, while 82% cite portfolio diversification.
The location debate gains more weight as central banks buy more gold. Over the past four years, central banks have added an average of about 1,000 tonnes per year. That figure stands at roughly twice the 500-tonne annual average from the prior decade. The 2026 survey also found that 89% of reserve managers expect global central-bank gold holdings to rise over the next 12 months. About 45% expect their own gold holdings to rise.
China offers a strong example of this demand. In June 2026, the People’s Bank of China added close to 15 tonnes and extended its purchase streak to 20 straight months. In July, China added another 20 tonnes, its largest monthly increase since October 2023. Official gold holdings reached about 2,366 tonnes at the end of July, based on the latest reported figures.
The global map may also gain new major gold centres. Hong Kong has sought a larger role in physical gold trade and vault services, while Singapore has explored more gold storage capacity as part of its plan to expand its role as a regional gold hub. Such moves could give central banks more choices outside the traditional London and New York system.
London, however, still has a major advantage. Its gold market has deep liquidity, established standards and a large network of banks and dealers. New York also offers strong links to the dollar market. Domestic vaults offer sovereignty and direct control. No single location can provide every benefit at the same time.
Also Read - Why Central Bank Gold Reserves Keep Rising in 2026
The future of official gold custody therefore looks less like a move away from London and more like a move toward balance. Central banks can keep part of their reserves in London for market access, part in New York for financial flexibility, part at home for direct control and part in other major centres for geographic diversification.
That shift reflects a wider change in reserve policy. Gold once had a strong legacy role within official reserves. Today, geopolitical risk, financial uncertainty and concern over access to foreign assets give gold a more strategic place. The question no longer concerns only how much gold a central bank owns. The location of every bar now matters as well.
1. Where do central banks store their gold?
Central banks store gold in domestic vaults and major foreign locations such as the Bank of England, New York Federal Reserve and BIS.
2. Why are central banks moving more gold home?
Domestic storage gives central banks greater physical control and reduces exposure to foreign jurisdictions during geopolitical or financial crises.
3. Is London still the main gold storage centre?
Yes. The Bank of England remains the most widely used foreign storage location among surveyed central banks, with 57% reporting its use in 2026.
4. How much gold are central banks buying?
Central banks have added an average of about 1,000 tonnes per year over the past four years, around twice the average from the previous decade.
5. What is India doing with its gold reserves?
The Reserve Bank of India has increased domestic gold storage substantially. By March 2026, only about 22% of its gold remained overseas.