Ian Samson, a multi-asset portfolio manager at Fidelity International, has doubled his gold position in three weeks and shifted from neutral back to overweight, targeting roughly 5% gold exposure in a $3 billion income and growth strategy fund. The allocation represents about $150 million. Samson had reduced Fidelity's gold holdings from overweight to neutral during January and February, as gold surged toward a peak of nearly $5,600 per ounce in early 2026. The metal later fell to around $5,000 per ounce by mid-July 2026, an approximately 11% decline from its high. Another Fidelity portfolio manager, George Efstathopoulos, said he would consider rebuilding gold positions if prices fell a further 5% to 7% from current levels. Institutional investors had broadly cut gold exposure earlier in 2026 while the U.S. Federal Reserve maintained a hawkish stance, as higher interest rates raise the opportunity cost of holding a non-yielding asset. Samson expects gold to return to bull-market territory in 2027, implying meaningful appreciation from around $5,000 over the next six to 12 months. He also views continued central-bank purchases, driven by diversification away from dollar-denominated assets and geopolitical hedging, as a central part of the investment case alongside potential monetary-policy adjustments.