Central banks repatriate gold as global insecurity rises - Financial Times

Central banks are increasingly moving their gold reserves back within their own borders, according to Financial Times reporting that frames the shift as a response to rising global insecurity. Repatriation means a central bank physically transfers bullion it owns — often long stored in vaults abroad, such as in London or New York — to storage facilities inside its home country.

The trend matters because official-sector gold demand has historically been a steadying influence on the market. When central banks hold reserves domestically, it signals a preference for direct control over a strategic asset during periods of geopolitical tension. It also reflects a broader reassessment of custody risk: gold held far from home could, in theory, be harder to access if international conditions deteriorate.

For observers, the key question is whether repatriation changes the total amount of gold central banks buy, or mainly where it sits. Moving existing reserves does not add to global demand, though it can affect regional vaulting and logistics. What to watch: whether more central banks follow, and whether official purchases continue alongside these custody decisions.