Venezuela Close to Deal Moving $4 Billion Gold Reserve to New York

Venezuela's government and opposition are close to an agreement that would move the central bank's gold reserves, valued at roughly $4 billion, from the Bank of England to the Federal Reserve Bank of New York, according to people familiar with the matter.

The reported arrangement would shift a significant sovereign asset from London to New York, a move that could carry implications for how the reserves are held and accessed.

Details of the reported understanding, including the timing and the conditions attached, were not immediately clear. The account of the discussions could not be independently verified.

The gold reserves represent a substantial share of Venezuela's foreign holdings, and their location has been a subject of contention amid the country's prolonged political and economic crisis.

Any transfer of the reserves would mark a notable development in the standoff between the government and the opposition, which have been at odds over control of state assets. The reported deal, if completed, would place the gold under the custody of the Federal Reserve Bank of New York rather than the Bank of England.