THE HAGUE, September 2, 2026, 22:24 (CEST)
- Spot gold rose 1.1% to $4,373.87 an ounce at 09:57 EDT.
- The Dutch central bank shifted 86 tonnes toward London without increasing its 612.4-tonne reserve.
- London’s share rose to 32.1% from 18.1%, improving access to tradable bars.
Gold rebounded from a near one-month low on Wednesday as yields eased. Spot bullion gained 1.1% to $4,373.87 by 09:57 EDT Reuters.
The move coincided with a rare central-bank disclosure. De Nederlandsche Bank shifted 86 tonnes from North America toward London. Yet the operation added no gold to official demand.
That distinction matters for investors. The transfer strengthened crisis liquidity, rather than shrinking available metal through a new purchase. Price support still came from a softer dollar and lower Treasury yields.
December gold futures: four-session path
USD per troy ounce; September 2 is a delayed intraday reading at .
Source: Investing.com delayed COMEX data. Intraday, not settlement.
December gold futures were up 0.61% at $4,423.20 by 14:36:55 EDT. They remained 2.4% below Friday’s close, according to delayed COMEX data.
DNB said its reserves remained at 612.4 tonnes. They were worth €72.2 billion at year-end 2025. The bank moved the metal between March and August DNB.
About 59 tonnes were sold in New York and repurchased in London. Another 27 tonnes moved physically through the bank’s Zeist vault. This avoided remelting older bars.
Dutch gold storage became more London-heavy
Share of DNB’s 612.4-tonne reserve, before and after the 2026 relocation.
Grey: before Gold: after
Source: De Nederlandsche Bank, September 2, 2026. Totals may differ from 100% due to rounding.
London’s allocation rose to 32.1% from 18.1%. New York fell to 18.5% from 31.3%. Ottawa also ended at 18.5%.
Governor Olaf Sleijpen said the shift improved tradability and crisis readiness. DNB expects never to use the reserve, he added. Associated Press independently reported the transfer.
Gold’s rebound was broader than one headline. Silver, platinum and palladium all gained more in the same Reuters snapshot. Lower yields reduced the opportunity cost of holding metal.
Precious-metals rebound
Session change in the Reuters snapshot at 09:57 EDT on September 2, 2026.
Source: Reuters market report.
David Meger of High Ridge Futures linked gold’s turn to easing yields. The reversal lifted bullion above unchanged after its early low, he told Reuters.
Official buying remains the stronger structural signal. Central banks bought a net 289 tonnes in the second quarter. That was five times the revised first-quarter total, according to the World Gold Council.
The council’s 2026 survey found 89% expected global official holdings to rise. A record 45% expected their own reserves to increase survey.
The Dutch move therefore changes access, not tonnage. Its market value lies in the preference for London-standard bars. Investors should not count the transaction twice as new demand.
U.S. payrolls are the next test. A stronger report could lift yields and the dollar again. Softer data would ease both headwinds.
Risks: Gold remains 2.4% below Friday’s futures close. Higher oil-driven inflation could keep rates elevated, overwhelming safe-haven buying.
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