Fidelity International: Optimistic about gold prospects, gold price can be repurchased after a 5% correction

Fidelity International portfolio manager George Efstathopoulos stated that in the days leading up to the largest drop in gold prices in 40 years, he reduced the proportion of gold in the portfolio from about 5% to about 3%. However, he emphasized that if gold prices were to pull back another 5% or 7%, he would buy back in, as many market bubbles have already dissipated, and the medium-term structural factors are very mature. He believes that gold prices will continue to rise.

Efstathopoulos noted that the factors driving gold prices to reach historical highs still exist, such as persistent high inflation and a weak dollar. At the same time, large-scale purchases of gold by central banks and a reduction in investors' investments in U.S. assets are also favorable factors.

Today (the 4th), spot gold returned to the $5,000 mark, rising 2.42% to $5,066.52 per ounce, but still down nearly 10% from the historical high of $5,595.47 set on January 29