Gold extended its rally Monday, nearing $3,800 an ounce as robust demand and ongoing economic uncertainty strengthened its safe-haven appeal.
Despite the near-record highs, a key survey of institutional investors indicates that a speculative frenzy has not yet taken hold, suggesting the rally could have more room to run.
GLD ETFs are shiny. Check its real-time prices here.
Nowhere Close To The Golden Fever
This cautious sentiment is highlighted by data from a recent Bank of America Global Fund Manager Survey, which shows that 39% of fund managers still have zero allocation to the precious metal in their portfolios.
While this figure is down from 47% in August, it points to significant untapped investment potential. Ryan Detrick, the chief market strategist at Carson Research, commented on the findings, stating, “This is simply amazing, but it also shows we aren’t anywhere close to gold fever yet.”
Central Banks Holding More Gold Than US Treasuries; China Leads
The rally is instead being underpinned by robust physical demand from key markets and a flight to safety. China, the world’s largest gold consumer, saw its non-monetary gold imports surge to 104 tonnes in July, well above the five-year average.
Meanwhile, demand in India is anticipated to pick up with the start of the festival season. “With the auspicious beginning of Navratri starting today, domestic markets may hope to see some buying traction,” said Darshan Desai, CEO of Aspect Bullion & Refinery.
He added that “ongoing global economic uncertainties are expected to provide continued support for bullion prices.”
Gold Prices To Skyrocket To $4,000 Per Ounce Soon
Other market experts remain bullish, citing a potential major shift in investment strategy. James Turk, founder of Goldmoney, has pegged a near-term price target of $4,000 for gold.
This optimism is echoed by economist Peter Schiff, who pointed to Morgan Stanley’s revision of the classic “60/40” portfolio to include gold, a move he argues is tantamount to a “sell” rating on U.S. Treasuries. As physical buyers and long-term strategists drive prices higher, the market is now watching to see when the large pool of institutional capital will join the rally.
Price Action
Gold Spot US Dollar rose 1.07% to hover around $3,724.39 per ounce. Its last record high stood at $3,728.43 per ounce. It was up 23.13% in the last six months and 41.99% over the year.
Here are a few gold and gold miners linked exchange-traded funds that investors could consider investing in amid the price rally.
| Gold ETFs | YTD Performance | One Year Performance |
| Franklin Responsibly Sourced Gold ETF FGDL | 38.74% | 40.01% |
| Goldman Sachs Physical Gold ETF AAAU | 38.40% | 40.05% |
| GraniteShares Gold Trust BAR | 38.45% | 40.05% |
| VanEck Merk Gold ETF OUNZ | 38.25% | 39.94% |
| SPDR Gold Trust GLD | 38.20% | 39.76% |
| iShares Gold Trust IAU | 38.35% | 40.00% |
| SPDR Gold MiniShares Trust GLDM | 38.45% | 40.15% |
| abrdn Physical Gold Shares ETF SGOL | 38.40% | 40.06% |
| iShares Gold Trust Micro IAUM | 38.50% | 40.19% |
| Invesco DB Precious Metals Fund DBP | 37.48% | 33.06% |
| Gold Miner ETFs | YTD Performance | One Year Performance |
| VanEck Gold Miners ETF GDX | 104.75% | 79.42% |
| VanEck Junior Gold Miners ETF GDXJ | 105.18% | 86.95% |
The SPDR S&P 500 ETF Trust SPY and Invesco QQQ Trust ETF QQQ, which track the S&P 500 index and Nasdaq 100 index, respectively, fell in premarket on Monday. The SPY was down 0.33% at $661.53, while the QQQ fell 0.44% to $596.69, according to Benzinga Pro data.
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