Fidelity International plans to increase gold holdings after earlier reduction

Fidelity International has said it plans to buy back gold after selling some of its holdings earlier in 2024. Ian Samson, a portfolio manager at the company, made the announcement in a recent interview. He said Fidelity wants to return to a large gold position at some point. Samson also predicted that gold will enter a bull market, a period of rising prices, around 2027. One reason for this confidence is that oil prices have gone up because of conflict in the Middle East, which has raised concerns about inflation. Gold is often seen as a safe investment when inflation is high. Samson noted that the positive outlook for gold would weaken if governments reduced their spending and central banks brought inflation under control.