Why they’re doing it: - Tariff risk: Reports say banks are …

Why they’re doing it:
- Tariff risk: Reports say banks are racing to move bars before potential new U.S. import tariffs could apply to gold, which would make later shipments more expensive.
- Price arbitrage: New York has been trading at a premium to London, so moving bars can capture a better price or meet U.S. delivery demand.
- Market logistics: Banks want metal in U.S. vaults to fulfill client deliveries and collateral needs in the U.S. market (e.g., futures delivery), which has created a queue to withdraw from the BoE.