Global asset managers are restoring or maintaining gold exposure despite prolonged U.S. Federal Reserve tightening and elevated real interest rates. A Bloomberg survey covering managers with combined assets of $27 trillion found that Amundi, Pictet, Robeco and Fidelity International had either rebuilt positions reduced earlier this year or retained constructive views. Amundi fund managers established long positions and forecast gold at $5,000 an ounce by year-end, citing geopolitical risks, diversification away from dollar assets and central-bank purchases as longer-term supports. South Korean demand has also remained firm: assets under management at four major domestic gold ETFs reached 5.71 trillion won as of Sept. 10, up 4.3% from 5.4767 trillion won at the end of July, after rising to 6.1239 trillion won on Aug. 25 before partially retreating with gold prices. The Bank of Korea also added 679,765 shares of SPDR Gold Trust to its portfolio in the second quarter, valued at $250.41 million, or about 350 billion won, marking its first gold ETF holding since 2013. Analysts warn that North American ETF outflows triggered by renewed Fed tightening or high interest rates could increase gold-price volatility.