According to Reuters, the Bank of France completed a program that replaced gold previously held in New York with newly acquired, internationally compliant bars now stored in Paris. “The residual stock of 129 metric tons was upgraded, and the new bars are now held in Paris rather than New York.” The report also notes that the operation did not change the total size of France’s reserves.

Functionally, France sold the gold it held in the United States and then re-bought it with the proceeds in London.

Now, why would they do that?

https://www.zerohedge.com/news/2026-04-07/french-gold-deflection