Biggest Money Managers Rebuild Gold Holdings Amid Fed Inflation Stance

Some of the world's biggest money managers have rebuilt their gold holdings after prices dropped in 2026. They expect that long-term drivers of the precious metal will endure even as the US Federal Reserve takes a more assertive stance on inflation.

Amundi, Europe's largest asset manager, bought bullion on the expectation it will return to $5,000 an ounce by the end of 2026. Fund managers at Pictet Asset Management and Robeco Institutional Asset Management also added to holdings cut earlier in 2026 during gold's retreat from its all-time high.

Gold is seen as a good hedge and reasonably liquid asset. Amundi's head of cross-asset strategy, Lorenzo Portelli, said that greater visibility over the Fed's interest rate path would be needed before the firm considers adding to August's purchases.

BNP Paribas Asset Management and Manulife John Hancock Investments have either added back gold in recent weeks or are maintaining bullish allocations. Any breakout above gold's recent ceiling near $4,600 an ounce will not be smooth due to higher Treasury yields and increased bets for at least one Fed rate hike before the end of 2026.