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Biggest money managers are rebuilding gold positions
By Yihui Xie, Yvonne Yue Li, and Jack Ryan
Bloomberg News
via The Straits Times, Singapore
Friday, September 4, 2026
Some of the world's biggest money managers have rebuilt their gold holdings after prices dropped, betting that long-term drivers of the precious metal will endure even as the U.S. Federal Reserve takes a more assertive stance on inflation.
Amundi SA, Europe's largest asset manager, bought bullion on the expectation it will return to $5,000 an ounce by year-end. Fund managers at Pictet Asset Management Ltd., Robeco Institutional Asset Management BV, and Fidelity International Ltd. also added to holdings cut earlier this year, during bullion's retreat from an all-time high.
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"Gold is an asset that we consider to be cheap, a good hedge and reasonably liquid," said Lorenzo Portelli, head of cross-asset strategy at the Amundi Investment Institute. But greater visibility over the Fed’s interest-rate path would be needed, he said, before the firm would consider adding to last month’s purchases.
That was a common theme in interviews with more than a dozen asset managers, whose firms manage a combined $27 trillion. ...
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