Macro fund managers predict that the gold price rally is not over yet, as expectations of Fed rate cuts and global chaos drive gold prices

According to Jinshi report, macro fund managers said that the continuous rise in gold prices to historical highs has not yet ended, and the factors that have driven gold prices to surge by nearly 20% since mid-February are expected to push gold prices up further. Gold prices have risen on expectations that the Federal Reserve will cut interest rates this year, an environment that reduces the opportunity cost of holding gold. Chaotic conflicts in the Middle East and Ukraine have supported demand for safe-haven assets, and buying by global central banks has added to the bullish backdrop. Rajeev De Mello, global macro portfolio manager at GAMA Asset Management SA, said the current momentum is a signal to increase gold holdings. While gold's continued sharp rise has unnerved some observers, investors are undeterred. In the Comex gold futures market, fund managers are increasing their bullish bets on gold, with net long positions rising to a nearly four-year high in the week ended April 2.