The government does not comment on market movements. Assets in the Exchange Equalisation Account (EEA) are held to meet the EEA’s core policy objectives as defined in the EEA Act 1979. All EEA investment decisions, including the currency and asset composition of the Account, are made using the following investment principles:

Investment Principle 1 (readiness) – The EEA must be ready to meet its policy objectives at all times, at an acceptable cost and high degree of certainty.

Investment Principle 2 (risk tolerance) – The EEA must not take on risk that compromises the ability to meet Principle 1 or that could unduly influence fiscal metrics.

Investment Principle 3 (return) – Subject to meeting Principles 1 and 2, the EEA should seek to optimise risk-adjusted return

Foreign exchange risk is one of the primary market risks faced by the EEA and so is considered by HMT and the Bank of England when making decisions assessing the EEA’s risk tolerance under Investment Principle 2. A portion of EEA assets are also hedged against foreign exchange and interest rate changes.

To manage credit risk, the Bank maintains a framework of issuer credit limits. A similar framework applies to counterparty risk.

The EEA has held 9.98 million ounces of gold on a permanent basis since March 2002 and it remains an important component of the diversified portfolio.

The Bank of England publishes a monthly statistical release setting out the EEA’s holdings split by broad asset class on the third working day at: UK International Reserves - August 2026. In addition, each quarter, one month in arrears, data on the currency breakdown of the UK’s reserves is published by the Bank of England at: Bank of England | Database.

The Government does not comment on market movements. The UK’s official reserves are held in the Exchange Equalisation Account (EEA) and managed to ensure that the policy objectives set out in the EEA Act 1979 can be met at all times.

HM Treasury and the Bank of England agree the EEA’s strategic asset allocation annually. In doing so, the liquidity, credit and market risk of the reserves is managed in line with the EEA’s investment principles: readiness, risk tolerance and, subject to these, optimising risk-adjusted return. Reserve composition decisions reflect these principles.

Information on the size and composition of the reserves is published monthly.

His Majesty's Government (HMG) is not party to the legal case to determine who should have control of Venezuelan gold held in the Bank of England. UK Courts and the Bank of England are independent of HMG.

The illicit gold trade in Sudan is fuelling a war that has devasted the lives of millions. On 16 July, the UK designated eleven individuals and entities linked to the illicit gold and finance networks sustaining the war in Sudan, complementing the recent action taken by the EU. For more details on these designations, I refer the Rt Hon Member to the press release issued on 16 July, linked below.

UK sanctions illicit gold networks fuelling Sudan’s war amid crisis around El Obeid - GOV.UK

The illicit gold trade in Sudan is fuelling a war that has devasted the lives of millions. On 16 July, the UK designated eleven individuals and entities linked to the illicit gold and finance networks sustaining the war in Sudan, complementing the recent action taken by the EU. For more details on these designations, I refer the Rt Hon Member to the press release issued on 16 July, linked below.

UK sanctions illicit gold networks fuelling Sudan’s war amid crisis around El Obeid - GOV.UK

The Digital Markets, Competition and Consumers Act 2024 prohibits unfair commercial practices, including misleading actions that are likely to impact the average consumer’s transactional decision. The DMCCA also requires traders to display prices inclusive of all taxes and unavoidable charges before payment is made. Prices must be accurate and not misleading. Failure to do this may be taken as an unfair trading practice and constitute an offence.

The department has not made any assessment on this matter, but we continue to closely monitor consumer protection issues.

While we cannot comment on specific law enforcement investigations, the Government treats all allegations of international corruption, money laundering and illicit gold trading with the utmost seriousness.

The National Crime Agency's International Corruption Unit, funded by the Foreign, Commonwealth & Development Office, investigates international bribery, corruption and related money‑laundering offences, including where there is a nexus involving UK nationals or financial systems. The Illicit Finance Summit, to be hosted by the UK in December, will strengthen international, public-private cooperation to tackle illicit gold.

The trade of illicit gold funds conflict, undermines the rule of law, and perpetuates human rights abuses. Gold extraction and smuggling operations represent a significant loss to Sudan and undermine effective resource governance. The UK Government engages with the gold industry, in particular the London Bullion Market Association (LBMA) and the World Gold Council, as well as the Organisation for Economic Co-operation and Development (OECD) to support responsible sourcing and rigorous due diligence standards to enhance resilience to illicit gold and identify malign actors in the supply chain. As an OECD member, we have committed to businesses in the UK applying the OECD's Due Diligence Guidance for Responsible Supply Chains of Minerals from Conflict-Affected and High-Risk areas, including the LBMA. The UK is a global leader in tackling illicit gold flows, recently hosting a joint FCDO-HMRC Gold Conference and launching a public-private partnership with industry to clamp down on illicit flows. We will continue to urge all countries to refrain from actions that prolong the crisis, including those that may financially benefit the warring parties. On 20 July 2023, the UK announced sanctions targeting 13 individuals and businesses linked to the actions of Russia's Wagner Group including alleged involvement in the exploitation of gold resources in Sudan. Sanctions policy remains under review. We do not comment on possible plans for future designations.

The trade of illicit gold linked to conflict undermines the rule of law and has no place in UK supply chains and our global economy. The Government engages with the gold industry, in particular the London Bullion Market Association (LBMA) and the World Gold Council, as well as the Organisation for Economic Co-operation and Development to support responsible sourcing and rigorous due diligence standards.

In the Trade Strategy, the Government launched a review into responsible business conduct. The review is still progressing and considering the effectiveness of the UK's current regime and the merits of alternative measures to support responsible business practices. We shall update the House when the review is complete.

The trade of illicit gold funds conflict, undermines the rule of law, and perpetuates human rights abuses. Gold extraction and smuggling operations represent a significant loss to Sudan and undermine effective resource governance. The UK Government engages with the gold industry, in particular the London Bullion Market Association (LBMA) and the World Gold Council, as well as the Organisation for Economic Co-operation and Development (OECD) to support responsible sourcing and rigorous due diligence standards to enhance resilience to illicit gold and identify malign actors in the supply chain. As an OECD member, we have committed to businesses in the UK applying the OECD's Due Diligence Guidance for Responsible Supply Chains of Minerals from Conflict-Affected and High-Risk areas, including the LBMA. The UK is a global leader in tackling illicit gold flows, recently hosting a joint FCDO-HMRC Gold Conference and launching a public-private partnership with industry to clamp down on illicit flows. We will continue to urge all countries to refrain from actions that prolong the crisis, including those that may financially benefit the warring parties. On 20 July 2023, the UK announced sanctions targeting 13 individuals and businesses linked to the actions of Russia's Wagner Group including alleged involvement in the exploitation of gold resources in Sudan. Sanctions policy remains under review. We do not comment on possible plans for future designations.

The trade of illicit gold funds undermines the rule of law and perpetuates human rights abuses. Gold extraction and smuggling operations represent a significant loss to Sudan and undermine effective resource governance. The UK has imposed sanctions on a number of individuals and businesses who are allegedly involved in the exploitation of gold resources in Sudan. Companies must conduct appropriate due diligence to ensure full compliance with these sanctions.

The UK Government engages with the gold industry, in particular the London Bullion Market Association (LBMA) and the World Gold Council, as well as the Organisation for Economic Co-operation and Development (OECD) to support responsible sourcing and rigorous due diligence standards to enhance resilience to illicit gold and identify malign actors in the supply chain. As the UK is an OECD member, businesses in the UK apply the OECD's Due Diligence Guidance for Responsible Supply Chains of Minerals from Conflict-Affected and High-Risk areas, including the LBMA. The UK is a global leader in tackling illicit gold flows, recently hosting a joint FCDO-HMRC Gold Conference and launching a public-private partnership with industry to clamp down on illicit flows.

The Government recognises the importance of high regulatory standards in financial markets. For over-the-counter wholesale markets for precious metals like the London Bullion Market, the Financial Conduct Authority recognises the Global Precious Metals Code, which sets out the standards and best practice expected from market participants in these markets.

I refer the Hon Member to the answer provided on 4 December 2025 in response to Question 95190.

The trade of illicit gold funds undermines the rule of law and perpetuates human rights abuses. Gold extraction and smuggling operations represent a significant loss to Sudan and undermine effective resource governance. The UK Government engages with the gold industry, in particular the London Bullion Market Association (LBMA) and the World Gold Council, as well as the Organisation for Economic Co-operation and Development (OECD) to support responsible sourcing and rigorous due diligence standards to enhance resilience to illicit gold and identify malign actors in the supply chain. As the UK is an OECD member, businesses in the UK apply the OECD's Due Diligence Guidance for Responsible Supply Chains of Minerals from Conflict-Affected and High-Risk areas, including the LBMA. The UK is a global leader in tackling illicit gold flows, recently hosting a joint FCDO-HMRC Gold Conference and launching a public-private partnership with industry to clamp down on illicit flows.