George Efstathopoulos, a portfolio manager at Fidelity International, doubled his fund’s gold holding over three weeks to a self-imposed 5% limit amid uncertainty over Federal Reserve policy after the central bank held rates in July and investors sold long-term Treasuries. He tied the shift to concerns about Fed credibility and currency devaluation and said he may lift the cap if the dollar’s safe-haven role erodes, while criticizing larger U.S. Treasury long-term bond buybacks as yield management. An earlier record attributed a similar double-up and roughly 5% target to Ian Samson, a discrepancy retained pending clarification. Gold has traded near multi-month highs between $4,650 and $4,690 an ounce, supported by a weaker dollar, U.S. government debt above $40 trillion, FOMC inflation concerns with the federal funds rate at 3.50%–3.75%, central-bank reserve accumulation and geopolitical tensions, even as extreme price targets remain thinly priced.