Policy uncertainty under the Trump administration has driven central banks to reallocate gold reserves, as gold holdings in London vaults approach 10,000 tons.

The Financial Times reported that U.S. policy uncertainty, tariff risks, and the precedent of frozen overseas sovereign assets are prompting some central banks to re-evaluate the locations of their gold reserves, with London emerging as one of the beneficiaries. New York still dominates gold futures and derivatives trading, but London’s advantages in physical gold storage, over-the-counter (OTC) trading, and central bank reserve management have become more prominent. The Netherlands’ central ban

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