Fidelity Doubles Gold Holdings Amid Dollar Uncertainty

A portfolio manager at Fidelity International Ltd. has increased his fund's gold holdings in response to uncertainty over US Federal Reserve policy.

The manager, George Efstathopoulos, doubled the proportion of bullion in the fund over the past three weeks, citing a self-imposed limit of 5% that he may reconsider if the safe-haven status of the US dollar continues to decline.

Efstathopoulos began accumulating gold after investors retreated from long-dated Treasury bonds following the Fed's July meeting.