Gold Investors Remain Bullish After Record 2025 Rally, Eye Further Gains

• Gold surged 65% in 2025, its strongest performance in nearly half a century, driven by falling interest rates, geopolitical tensions, and central bank buying.
• Top money managers, including Fidelity International and DWS Group, maintain bullish outlooks for gold in 2026, citing continued supportive drivers.
• Key factors supporting gold include central bank accumulation, declining interest rates, high fiscal deficits, and waning confidence in major developed-market currencies.
• Mike Wilson of Morgan Stanley advises a 20% portfolio allocation to real assets like gold as a hedge against inflation, replacing traditional 60/40 stocks/bonds.
• Despite the record rally, gold remains lightly owned by US investors, with significant upside potential if its share in portfolios increases.

Why It Matters: Despite a record 2025 rally, gold investors remain bullish for 2026, driven by geopolitical and economic factors.