Published by Global Banking & Finance Review®
Posted on May 8, 2025
2 min readLast updated: January 23, 2026
Add as preferred source on GoogleGold reserves in London vaults increased by 0.6% in April as bullion returned from the US, normalizing COMEX futures and spot prices.
LONDON (Reuters) - The London Bullion Market Association said on Thursday that gold held in London vaults totalled 8,536 metric tons at the end of April, up 0.6% from the previous month, as more of the precious metal returned from New York to London after dislocation.
The premium of the most active COMEX gold futures' over London spot prices normalised in April, when the Trump administration excluded the precious metal from broader U.S. import tariffs, after being elevated for months.
Market players had increased gold deliveries to the U.S. in the December-March period to cover their COMEX positions against the possibility that the U.S. would impose tariffs on imports.
The additional stocks came from Switzerland or London, the world's largest over-the-counter gold trading hub, reducing liquidity in the London market. This development prompted London bullion market players to borrow gold from central banks, which store their bullion in the Bank of England's vaults.
"While gold stocks at the Bank of England declined at a similar pace to March, commercial vaults across London saw another monthly increase in holdings," said the LBMA, which oversees the London market.
"This trend reinforces the view that gold is continuing to move out of the Bank of England and into the broader Loco London system as well as gold leaving CME warehouses as tariff fears eased and arbitrage opportunities disappeared."
COMEX gold stocks, which have been falling since early April, saw the largest daily decline on Wednesday, according to the COMEX data, with outflows of 925,559 troy ounces (28.8 tons) worth $3.1 billion.
There were also 22,859 tons of silver held in London vaults in April, up 3.3 % from March, the LBMA said. Silver holdings in London rose for the first time since October 2024.
(Reporting by Polina Devitt; Editing by Paul Simao)
Gold held in London vaults totalled 8,536 metric tons at the end of April, up 0.6% from the previous month.
The premium of the most active COMEX gold futures over London spot prices normalised in April after the Trump administration excluded gold from broader U.S. import tariffs.
There were 22,859 tons of silver held in London vaults in April, which was a 3.3% increase from March, marking the first rise since October 2024.
The additional stocks came from Switzerland or London, which reduced liquidity in the London market, prompting the LBMA to note significant changes.
COMEX gold stocks have been falling since early April, with the largest daily decline reported on Wednesday, showing outflows of 925,559 troy ounces.
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