Fidelity Manager Shifts Fund Back to Gold Overweight Amid Fed Uncertainty

A Fidelity portfolio manager is shifting his gold holdings from neutral to overweight in anticipation of uncertainty around US Federal Reserve policy. Ian Samson, a multi-asset portfolio manager at Fidelity International, made this move by targeting a roughly 5% gold allocation within a $3 billion income and growth strategy fund.

This change involves increasing the fund's gold exposure from neutral to overweight, which had previously been trimmed in January-February. Gold then dropped sharply from its peak of nearly $5,600 per ounce in early 2026, settling around $5,000 per ounce as of mid-July 2026, a roughly 11% decline.

Samson is projecting gold to re-enter bull market territory in 2027, implying meaningful price appreciation from the current level over the next six to twelve months. Central banks have been accumulating gold reserves at an elevated pace, driven by diversification away from dollar-denominated assets and geopolitical hedging.