[Trump's Policy Uncertainty Drives Central Banks to Reallocate Gold, London Vault Holdings Near 10,000 Tons] BlockBeats News, October 15, the UK *Financial Times* reported that uncertainty surrounding U.S. policies, tariff risks, and precedents of overseas sovereign assets being frozen are prompting some central banks to reassess the storage locations of their gold reserves, with London emerging as one of the beneficiaries. While New York continues to dominate gold futures and derivatives trading, London’s advantages in physical gold storage, over-the-counter trading, and central bank reserve management have become increasingly prominent. From March to August this year, the Dutch central bank reallocated approximately 86 tons of gold from the U.S. and Canada to London, increasing London’s share of its 612.4-ton gold reserves from 18.1% to 32.1%. The Dutch central bank stated that this move aims to enhance the tradability and accessibility of gold in severe crisis situations. According to data from the London Bullion Market Association (LBMA), as of the end of September 2026, London’s commercial vaults and the Bank of England’s vault collectively held 9,821 tons of gold, a month-on-month increase of 1.96%, valued at approximately $1.3 trillion. London’s mature over-the-counter trading system allows gold to be lent, swapped, and traded without physically moving the bullion, thereby enhancing the liquidity of physical gold. Following the Russia-Ukraine conflict, the freezing of Russia’s overseas sovereign assets has also heightened global attention on the jurisdiction and usability of reserve assets under extreme circumstances. However, there is currently no indication that central banks are broadly withdrawing from the U.S. gold custody system. Asian financial hubs such as Singapore and Hong Kong are also accelerating the development of gold storage and trading infrastructure, shaping a global gold market dynamic where New York leads in derivatives, London focuses on physical gold, and Asia is rapidly advancing.