Fidelity International fund doubles gold holdings amid Fed uncertainty

One fund under global asset manager Fidelity International has doubled its gold holdings, Bloomberg reported. George Efstathopoulos, the portfolio manager running the fund, said the position had been doubled over the past three weeks as investors moved away from long-term Treasuries and began buying gold after the Federal Reserve’s meeting in July. He said this could be interpreted as a sign of weakening confidence in the Fed and rising policy uncertainty. Efstathopoulos added that if the U.S. dollar’s safe-haven status continues to weaken, the fund could consider raising its current 5% cap on gold holdings.