The recent in global gold prices has boosted the value of Luxembourg’s central bank reserves, which exceeded €200m on 18 March 2025, despite no change in the bank’s actual gold holdings, according to Paperjam calculations. As of this writing, spot gold is trading above €2,760 per troy ounce, based on data from the World Gold Council.

The Luxembourg Central Bank (BCL) holds approximately 2.25 metric tons of gold, a figure that has remained largely unchanged since mid-1999. While the rising gold prices have increased the value of these reserves, a bank representative clarified that, for security reasons, BCL does not disclose their exact location.

As of February 2025, BCL valued its monetary gold reserves at €197.2m, representing a 44 percent increase from the previous year. Over the past decade, their value has more than doubled, driven by the sustained rise in gold prices.

Despite fluctuations in value, BCL has maintained a stable gold stock for over two decades. A representative of the central bank told Paperjam that the quantity of gold holdings has remained stable in line with the decision of the BCL executive board.

According to the European Central Bank, euro area central banks collectively hold approximately 10,600 tons of gold as of February 2025, with Germany owning the largest share at 3,355 tons.