Gold’s Historic Rally Unlikely to Repeat in 2026, But Fund Managers Still Bet on Further Gains
After one of the most explosive rallies in modern market history, few investors expect gold to replicate its extraordinary performance in 2026. However, many leading fund managers continue to bet on further gains, arguing that the key drivers behind the precious metal’s surge remain firmly in place.
Gold surged 65% in 2025, marking its strongest annual performance in nearly half a century, as retail and institutional investors—alongside central banks—piled into the asset. In a year when almost every bullish factor aligned, from falling interest rates to rising geopolitical tensions, gold even surpassed its inflation-adjusted record set in 1980.
Bloomberg spoke with more than a dozen money managers overseeing trillions of dollars in assets to gauge sentiment following this historic year. Most said they refrained from significantly reducing their exposure, maintaining long-term confidence in gold’s appeal.
“We still expect gold to rise in 2026, as the factors that fueled its strong rally remain intact,” said Ian Samson, portfolio manager at Fidelity International. While he trimmed positions during October’s frenzied rally, he later rebuilt exposure, citing central bank buying, lower interest rates, and widening fiscal deficits as key supports.
