London bullion market is urgently seeking to borrow gold from central banks following a significant increase in gold shipments to the United States, where 393 tonnes of gold has been moved to the Comex commodity exchange in New York since election in November.

The rush to secure bullion has led to a shortage in London, where traders have amassed an $82 billion stockpile in New York, anticipating tariffs under the Trump administration, Reuters reported.

As a result, the wait time to withdraw gold from the Bank of England’s vaults has increased from a few days to between four and eight weeks.

According to reports the minimum waiting time for gold to be released from the Bank of England, which stores gold for central banks, is now four weeks — compared to the usual few days to a week.

Since the U.S. election in November, gold traders and financial institutions have moved 393 metric tonnes into the Comex commodity exchange vaults in New York, nearly 75% more inventory, bringing the total to 926 tonnes — the highest level since August 2022.

Market participants believe the actual gold flows into the U.S. may be higher than Comex figures suggest, as there have likely been additional shipments to private vaults in New York owned by HSBC and JPMorgan, according to Financial Times.

Traders say the shipments aim to avoid potential tariffs on bullion that some fear could be introduced by President Donald Trump.

While Trump has not mentioned precious metals in his tariff plans, the risk has driven gold deliveries to New York as part of the market’s strategy to hedge its positions on the U.S. COMEX exchange and capitalize on the increased premium of COMEX futures over London spot prices.

London is home to the world’s largest over-the-counter gold trading hub, where market players trade directly rather than via an exchange.

Reports of the gold flow to New York have drawn attention from the British parliament’s Treasury Committee. One of its members questioned Bank of England Governor Andrew Bailey on Wednesday about potential risks associated with this development.