Fidelity International said it intends to increase its gold holdings again when the timing is right, after trimming its position earlier this year, as it still sees strong long-term support for the metal. Ian Samson, a multi-asset portfolio manager at the firm, said the question is not whether Fidelity will add back to gold, but when. He said he cut the allocation to a neutral level between January and February this year, when a multi-year bull run in gold came to an abrupt end. Samson expects the gold market to enter a bull phase again at some point in 2027. He added that the case for a renewed bull market would only be undermined if governments returned to fiscal discipline and central banks were genuinely committed to pushing inflation back down, a scenario he said does not reflect the current environment. Samson also said continued gold purchases by central banks, which helped drive the previous bull market, should keep supporting prices.