Venezuela nears deal to move $4 billion gold reserve to New York, FT says

Last month, Venezuela's National Assembly chief Jorge Rodriguez said the country was working on recovering gold reserves held in the Bank of England's underground vaults, in an effort to counter surging inflation.

The Bank of England has withheld about 31 metric tons of Venezuelan gold for years, citing its non-recognition of the legitimacy of then President Nicolas Maduro's government.

The BoE's refusal to release the gold goes back to early 2019 when the British government joined dozens of nations in backing then Venezuelan opposition leader Juan Guaido on the basis that Maduro's election win the previous year had been rigged.

The bullion has since been the subject of a prolonged legal dispute in British courts, and has not been released despite Maduro's capture by the US in January and a request by acting President Delcy Rodriguez to King Charles.