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DNB shifts gold to London
The Dutch central bank, De Nederlandsche Bank (DNB), said it moved 86 tonnes of gold out of the United States and Canada to London between March and August, citing "increasing geopolitical unrest".
“citing "increasing geopolitical unrest"”
DNB said the transfer was designed to improve the tradability and accessibility of its gold reserves in a crisis, with DNB President Olaf Sleijpen saying, "With this step, we have improved the deployability of the gold reserves."
BBC reported that the operation took several months and that the gold is now being held by the Bank of England, where it can be traded more easily "in a crisis situation".
The BBC also said DNB moved 27 tonnes of gold bars from New York and Ottawa to Zeist in the Netherlands before moving a similar quantity to London, without melting the bars down.
How the move was done
DNB said the relocation combined buying and selling with physical transport, explaining that "Combining the processes of buying and selling and physical transport" allowed it to spread risks associated with moving a large quantity of gold.
News18 described the same approach as a mix of buying and selling and physically transporting bars, adding that more than 27 tonnes of physical gold was moved from the United States and Canada to Zeist.
DNB said the same quantity was then moved from Zeist to London, avoiding the need to melt down the bars, while BBC reported that exactly how so much gold was transported across the Atlantic Ocean "has not been revealed".
Before the move, BBC said DNB held 31.3% of its gold in New York and 19.7% in Ottawa, and after the move both countries accounted for 18.5% each.
Shares, value, and market context
DNB said the total Dutch gold stock was 612.4 tonnes at the end of 2025 and valued at €72.2 billion, while BBC reported that the share of gold held in London increased from 18.1% to 32.1% after the move.
“The total Dutch gold stock was 612.4 tonnes at the end of 2025”
Euronews said the bank still holds 30.8% of its gold in the Netherlands and that the share in the United States and Canada fell to 18.5% each.
In market coverage, Al Bayan said gold rose more than 1% in Wednesday trading, with spot gold up 1% to $1,473.01 per ounce by 12:05 p.m. Eastern Time, as investors awaited U.S. jobs data.
Al Bayan also tied the Dutch announcement to broader precious-metals movement, noting that "the Dutch central bank announced the transfer of 86 tons of gold" to bolster crisis readiness and improve liquidity.