France has finalized the sale of its remaining gold holdings stored at the U.S. Federal Reserve, completing a long-term initiative to repatriate and modernize its gold reserves. The Banque de France earned nearly 13 billion euros, or about $15 billion, after upgrading 129 tonnes of gold between July 2025 and January 2026 and replacing them with new, compliant bars now stored in Paris. The central bank stated that the move was a practical financial decision, not a political one.

By consolidating its reserves in Paris and adopting modern-standard bars, France has made its gold easier to manage and trade internationally. The transaction, which represented about 5 percent of France’s total 2,437-tonne reserve, took advantage of high gold prices and favorable market conditions. Instead of refining and transporting the old bars, the bank purchased equivalent new gold in Europe, maintaining the overall reserve size.

According to Reuters, the Banque de France reported 11 billion euros in exceptional foreign exchange income in 2025, with total gains reaching nearly 13 billion euros after 2026 transactions. The bank plans to upgrade an additional 134 tonnes of gold to international standards by 2028.