India urgently returns gold to its native vaults. What does this mean?

India has accelerated the return of gold to its vaults: from October 2025 to March 2026, the country's Reserve Bank transported back 104.2 tons of gold from the United States and Great Britain. By March 2026, India already held 77% of the country's own gold reserves, compared to 38% three years ago. The reason for this trend is in the Izvestia article.

The return of gold

• The Reserve Bank of India is actively transferring gold reserves from foreign vaults to the country. The authorities want to protect assets from possible blocking by the West, reduce dependence on the dollar and support the exchange rate of the rupee. Delhi is also strengthening its position amid discussions on the creation of a common BRICS currency.

• If three years ago only 38% of the gold reserves were located inside India, then by March 2026 the figure had increased to 77%. From October 2025 to March 2026, the country returned 104.2 tons of gold, and from 2023 to 2025— approximately 280 tons more, including about 100 tons from the UK. New Delhi currently has about 880 tons of gold, of which 680 tons are already in Indian territory. India ranks eighth in terms of gold reserves.

• One of the reasons for the active return of gold to India was the freezing of Russian assets by Western countries in 2022. At the same time, New Delhi is considering new sites for storing reserves, including Singapore and Dubai. The Indian authorities believe that the transfer of gold to the country will increase investor confidence and help the economy maintain stability. The World Gold Council believes that the high demand of India and other major powers for gold will continue in the coming years due to the unstable global economy and geopolitical risks.

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Stock Leaders

• The United States remains the leader in gold reserves. Their reserves reach 8,133.46 tons, and the share of metal in the country's international reserves is almost 75%. The main part of the ingots is located in the famous Fort Knox complex in Kentucky. Additional volumes are in storage at the Federal Reserve Bank of New York, as well as at West Point and Denver. Germany holds the second place (3,351.53 tons of gold), and Italy holds the third (2,451.84 tons).

• Russia closes the top five countries with a reserve of 2,335.9 tons. By March 2025, the value of the country's gold reserves reached a record $217.4 billion, and the share of gold in reserves rose to 34.4%, the highest in a quarter of a century. The main volumes of the metal are located in the Moscow vault, as well as in the regional divisions of the Bank of Russia.

• At the same time, since May 1, 2026, Russia has restricted the export of refined gold bars: individuals, companies and sole proprietors are prohibited from exporting bars with a total weight of over 100 g. The Finance Ministry explained that new measures are needed to combat the illegal export of capital and questionable transactions with precious metals. The authorities want to strengthen control over the turnover of gold and reduce the use of schemes where commercial shipments were transported as personal. Experts believe that the restrictions will not affect the value and interest of Russians in physical gold.

Gold distribution

• After the US abandoned the gold standard in the 1970s, the role of gold in the global financial system declined, but many countries retained large reserves. According to the Brookings Institution, Europe and the United States control more than 50% of the world's gold reserves. At the same time, emerging economies are currently buying gold most actively.

• Over the past 10 years, the price of gold has increased by 290%, driven by geopolitical conflicts and instability in the global economy. According to the World Gold Council, regulators have been buying gold for 16 years in a row, and from 2022 to 2024, annual purchases exceeded 1,000 tons. In 2025, the figure dropped to 863 tons, but it still remained significantly higher than the average level of 2010-2021, when central banks purchased about 473 tons per year. China, India, Poland, Turkey and Kazakhstan are accumulating gold most actively, seeking to reduce dependence on the dollar and the US financial system.

• New York and London remain the world's main gold storage centers. It is there that the largest vaults of the Federal Reserve Bank of New York and the Bank of England are located. These sites have been considered the most reliable for storing bullion for decades. There are over 500,000 gold bars in New York's underground facilities, and the Bank of England holds about 430,000 bars in nine large vaults. More than 60 central banks keep their reserves there.

• In recent years, some states, even Western ones, have begun to think about returning gold home. In particular, from July 2025 to January 2026, the Bank of France sold 129 tons of gold held in the vaults of the Federal Reserve Bank of New York, which accounted for about 5% of reserves, and received approximately €13 billion. Instead of transporting old bullion across the Atlantic Ocean, the regulator sold them at high prices in the United States, and then purchased gold in Europe. After the operation was completed, the entire French stock of 2,437 tons ended up in Paris. Analysts attribute such actions to a desire to reduce dependence on the American financial system and avoid the risks of possible asset freezes.

• Germany and Italy have also begun discussing the return of gold reserves from the United States to Europe. The value of these reserves is estimated at about $245 billion. The reason was the political risks associated with the actions of the American President Donald Trump and his criticism of the Federal Reserve System. The Association of European Taxpayers demanded that control over gold be transferred to national central banks.

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• However, many States do not disclose the exact location of their bullion. Information about the gold of China and Brazil remains particularly closed. Amid the growing demand for the precious metal, Hong Kong is gradually joining the fight for the status of a new global storage center, offering an alternative to Western financial platforms.

Sanctions threats

• After the Russian foreign exchange reserves were blocked, many countries began to return gold reserves from foreign vaults. The American investment company Invesco conducted a study among 85 sovereign wealth funds and 57 central banks. The survey showed that almost 70% of the participants are already engaged in gold repatriation.

• Previously, gold storage in the United States and Great Britain was considered convenient for international transactions. During the sale, the bars were not physically transported — the banks simply changed the owner of the cell. The storage costs were lower than transporting gold to their own country. Usually, such costs were about 1%. However, after the freezing of Venezuela's and Russia's reserves, many states decided that security was more important than economy.

• Against this background, the trend towards repatriation of reserves is increasing. In 2025, 59% of central banks already held some gold inside the country, compared to 41% a year earlier. The expert community believes that countries want to strengthen control over strategic assets and reduce the risks of blocking foreign reserves. As a result of the global trend towards gold repatriation, American analysts at JPMorgan Chase & Co predict an increase in the price of gold to $6,300 per ounce by the end of 2026.

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What does this mean?

• Gold is once again becoming the main instrument of financial insurance for states. Central banks increasingly view it as a strategic asset that helps protect themselves from sanctions, currency risks, inflation, and political pressure. At the same time, competition between the world's gold storage centers is growing: if New York and London used to dominate, now some countries are transferring reserves to their own vaults.

When writing the material, Izvestia interviewed:

• Mikhail Belyaev, an economist and former head of the Information Department of the Central Bank of the Russian Federation.