France’s central bank has completed the transfer of its last gold reserves held in the United States and booked a large gain from the move. The Banque de France said it generated €12.8 billion after selling 129 tonnes of older gold bars and replacing them with higher-standard bullion in Paris between July 2025 and January 2026. The transaction ends France’s remaining gold storage at the US Federal Reserve and brings its full reserve stock back to Paris.
The Banque de France said the 129 tonnes involved in the operation accounted for about 5% of France’s total gold reserves. It carried out 26 transactions during the period and used record-high gold prices to lock in gains while upgrading the quality of its holdings.
The bank sold the last of its non-standard gold bars that were kept in New York and bought equivalent gold on the European market. It then stored the replacement bullion in Paris. France now holds its entire gold reserve, about 2,437 tonnes, in the French capital.
This step completes a process that has been underway for years. The Banque de France has been replacing older bars with gold that meet current international market standards since 2005. Most of France’s gold had already been moved out of the United States and the Bank of England between 1963 and 1966.
The central bank said it chose not to refine and transport the remaining gold bars from the United States. Instead, it sold the old holdings and bought new bullion that already met modern standards in Europe. The bank said this was the easier route.
Banque de France Governor François Villeroy de Galhau said the move was not political. He said the reason was practical, as higher-standard gold is traded on the European market and was easier to source there than by refining older bars held abroad.
The bank also said the move helped it take advantage of the rise in gold prices during the period. By selling during a strong market, it was able to secure a large capital gain while continuing its reserve modernization plan.
France’s gold stock now includes 134 tonnes of older bars and coins kept in Paris. The Banque de France said it plans to upgrade those holdings by 2028 so that all of its reserves meet the same standards.
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The gains from the operation helped lift the Banque de France’s net profit for 2025 to €8.1 billion. That marked a sharp change from the €7.7 billion net loss recorded a year earlier. The gold sale played a major role in that turnaround.
France’s move has drawn attention in Germany, where part of the country’s gold remains at the Federal Reserve. The Bundesbank holds about 1,236 tonnes in the United States, or around 37% of Germany’s total gold reserves.
Some German economists have called for those reserves to be brought home. Michael Jäger, head of the Association of German Taxpayers and the European Taxpayers Association, said, “Trump is unpredictable and he does everything to generate revenue.” He added that Germany’s gold is “no longer safe in the Fed’s vaults.”
The Bundesbank has not announced any plan to withdraw its gold from the United States. France, however, has now completed its repatriation process and placed all of its official gold reserves in Paris.