Due to heightened geopolitical risks, the Dutch central bank has shifted approximately 86 tonnes of gold from New York and Ottawa to London, aiming to strengthen its "crisis response preparedness" capabilities.
The De Nederlandsche Bank (DNB) stated that gold stored with the Bank of England offers superior liquidity and can be deployed more rapidly during a major emergency. This relocation comes amid a significant surge in gold prices, following a similar adjustment by France, which replaced 129 tonnes of gold held in New York with bullion purchased within Europe.
In response to "increasingly turbulent geopolitical conditions," the DNB announced it has relocated its emergency reserve strategy by moving about 86 tonnes of gold from the United States and Canada to the United Kingdom. According to a statement released on Wednesday, the bank transferred slightly more than a quarter of its gold reserves—originally held in New York and Ottawa—to London between March and August 2026. The transported gold is now under the custody of the Bank of England.
The DNB explained that gold stored with the Bank of England meets international trading standards and is regarded as "the most liquid bullion in global markets," thereby enhancing the Netherlands' crisis response capacity. In contrast, the central bank noted that gold bars held in the U.S. and Canada cannot be deployed as quickly or directly during an emergency.
DNB President Olaf Sleijpen commented in the release: "Through this transfer, we have improved the tradability of our national gold reserves. While we hope these holdings will never need to be used, we must boost our resilience and level of preparedness."
The move coincides with rising gold prices and ongoing tensions in the strategically vital Strait of Hormuz, where parties remain far from a comprehensive peace agreement. As a classic safe-haven asset, gold has seen heightened demand amid financial uncertainty, with its price climbing nearly 25% over the past 12 months. Spot gold is currently quoted at $4,429.61 per ounce, up almost 1% on the day.
Prior to the Dutch central bank's action, the Banque de France disposed of 129 tonnes of gold stored at the Federal Reserve Bank of New York between July 2025 and January 2026. At that time, French central bank Governor François Villeroy de Galhau stated that the operation was not politically motivated.
Following the completion of this transfer, the DNB said its gold reserves now have a "more balanced" geographic distribution: 32.1% in London, 30.8% at the Dutch cash reserve center in Zeist, and 18.5% each in New York and Ottawa.