Fidelity International plans to rebuild its gold holdings after cutting them earlier this year, citing a long-term bullish outlook for bullion. The asset manager intends to allocate about 5% of its $3 billion income and growth strategy fund to gold, reversing a previous sale.

Portfolio manager George Efstathopoulos said Fidelity would consider re‑entering the market if gold prices fall another 5–7%. Spot gold currently trades near $5,000 per ounce, just below the 2026 all‑time high. The decision is underpinned by sustained central‑bank buying, geopolitical uncertainty, and expected U.S. monetary policy shifts.

Analysts view the move as a signal of strengthening long‑term demand for gold, driven by structural factors such as central‑bank activity, fiscal policy, and potential Federal Reserve rate cuts. Market watchers will monitor central‑bank purchase trends and Fed rate decisions for further price direction.

Should geopolitical tensions rise or the Fed initiate a rate‑cutting cycle, gold could see additional upside; conversely, eased tensions or a pause in central‑bank buying might temper enthusiasm for higher prices.