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Asset management giants rebuild gold positions after price decline; Allianz expects a return to $5,000 before the end of the year

Asset management giants rebuild gold positions after price decline; Allianz expects a return to $5,000 before the end of the year

智通财经智通财经2026/09/04 09:01
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⑴ Europe's largest asset management company, Allianz, has bought gold and expects gold prices to return to $5,000 per ounce by the end of the year. Fund managers at Pictet Asset Management, Robeco, and Fidelity International also increased their holdings of gold, adding back to positions that had been previously reduced after the price pullback. ⑵ The Head of Cross Asset Strategy at Allianz Research Institute stated that gold prices are attractive, serving as a good hedging tool with relatively high liquidity, but a clearer understanding of the Federal Reserve’s interest rate path is needed before further increasing positions. ⑶ Several asset managers pointed out that it will not be smooth sailing for gold prices to break through the recent upper limit of around $4,600 per ounce. The rise in US Treasury yields and increased market bets that the Federal Reserve will hike rates at least once by the end of the year are both weakening support for gold. Since gold does not generate interest, its appeal typically decreases as borrowing costs rise.
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