The West froze almost half of Russia’s $640 billion of gold and forex reserves last year, and that triggered a shift in central banks’ thinking about what assets to hold and where to store them, Invesco said in its survey that polled 85 sovereign wealth funds and 57 central banks, which collectively manage about $21 trillion in assets.

“A substantial percentage of central banks are concerned about the precedent set by the U.S. freezing of Russian reserves, with the majority (58%) agreeing that the event has made gold more attractive,” the survey said.

A “substantial share” of central banks is now concerned by the precedent that had been set with Russia, Invesco said.

Also, the survey showed that 68% of respondents now store their physical gold holdings at home. And 74% plan to do so in five years. In 2020, that percentage was at 50%.

In one of the anonymous responses, a central bank explained its thinking. “We did have it (gold) held in London… but now we’ve transferred it back to own country to hold as a safe haven asset and to keep it safe.”

And according to Invesco’s head of official institutions, Rod Ringrow, who was in charge of the survey, this sentiment was widely shared. “‘If it’s my gold, then I want it in my country’ [has] been the mantra we have seen in the last year or so,” Ringrow said.

Gold repatriation has dominated the headlines from time to time in the last two decades. All eyes were on Germany ten years ago when it started its plan to repatriate its gold reserves from New York and Paris. In 2017, Germany completed the project, returning 743 tonnes of gold from Paris and New York. In 2000 Germany repatriated 940 tonnes of its gold from the Bank of England.

In 2019 Poland repatriated 100 tonnes of gold from the Bank of England, stating that gold symbolizes the country’s strength.

But not all attempts are successful. At the end of June, the Venezuelan Central Bank (BCV), which is under the control of President Nicolas Maduro, lost its latest appeal over $1.95 billion of the country’s gold reserves that are stored in the Bank of England.

More central banks also see emerging market bonds as safe bets in the current macro environment.

Inflation and geopolitical tension were the top concerns for central banks, who are “fundamentally” rethinking their reserve strategies as they move away from the U.S. dollar.

“The funds and the central banks are now trying to get to grips with higher inflation,” Ringrow said. “It’s a big sea change.”

Despite that, most still don’t see an alternative to the U.S. dollar. Seven percent said they see rising U.S. debt as an issue for the greenback.

China’s yuan influence is not growing either, with only 18% identifying it as a potential contender, compared to 29% last year. Also, 58% disagreed that the yuan will get a reserve currency status in the next five years, compared to only 29% last year.

India was selected as one of the most attractive countries for investment for the second consecutive year. China, Britain, and Italy were identified as less attractive.