France Gold Reserves: The Banque de France and La Souterraine
France’s gold reserves amount to around 2,437 tonnes and are held by the Banque de France. The holdings have been unchanged since 2009. Almost all of the gold is stored in a vault deep beneath the Paris head office, “La Souterraine”.
How much gold does France have?
The Banque de France states its holdings as 2,436.8 tonnes, equivalent to around 78.3 million ounces. The quantity has not changed since 2009, the year of the last sale. According to the Banque de France, there are also no plans to increase or reduce the holdings in the coming years.
In the World Gold Council ranking, France is in fifth place if the IMF is included, just behind Italy. Gold makes up around 81.8 per cent of French foreign reserves. That is similar to Germany at 84.0 per cent and Italy at 80.6 per cent – so the three large euro countries hold their reserves overwhelmingly in gold.
La Souterraine: the vault beneath Paris
Most of the gold is held in La Souterraine, a high-security vault around 27 metres below the Banque de France’s head office in Paris. Besides its own gold, the bank also keeps smaller holdings of other central banks and international organisations there.
Until 2017 the Bundesbank also stored gold in Paris. It moved its 374 tonnes to Frankfurt between 2013 and 2017.
The Banque de France does not name any other storage sites. With the completion of the switch in New York in January 2026, Paris is, according to media reports, the only storage site for French gold.
Why did France sell its gold in New York?
A remaining 129 tonnes, around 5 per cent of the holdings or just over 4.1 million ounces, was stored in New York until recently. These bars no longer met today’s standards of the London gold market. Instead of a long and risky transport, the Banque de France sold them and bought back the same quantity in bars of the current standard in Europe.
The total quantity stayed the same. The sale produced a capital gain: €11 billion in 2025 and, according to the annual report presentation, around €12.8 billion together with 2026. According to media reports, the switch was completed in January 2026; since then France’s gold has been in Paris.
Impact on the Banque de France’s balance sheet
The gold gain contributed significantly to the Banque de France reporting a net profit of €8.1 billion in 2025, after a loss of €7.7 billion in 2024. This allowed it to clear the losses carried forward from previous years. The bank’s equity and revaluation reserves amounted to €283.4 billion at the end of 2025.
The Banque de France stresses that the decision had practical reasons and no political ones. An internal audit had recommended completing the modernisation of the New York holdings.
The case shows that central banks manage their gold holdings more actively today than in the past. De Nederlandsche Bank also sold part of its gold in New York in 2026 and bought back the same quantity in London to improve tradability. The Bundesbank, by contrast, currently sees no need for action regarding its 1,236 tonnes in New York.
The role of gold for France
The Banque de France describes gold as an important reserve asset that strengthens its balance sheet. It made its most recent gold sale from the holdings in 2009. Since then the quantity has been stable, and according to the bank there are no plans to buy or sell.
