Societe Generale announced that the gold bull market has entered a new stage, with physical, futures, and options funds simultaneously increasing their holdings

Societe Generale stated that the gold bull market in 2026 will shift towards a new stage of resonance in demand for physical, futures, and options. In August, the net inflow of gold ETF reached 201 tons, setting the third largest monthly record in history. The net long nominal exposure of asset management institutions to gold futures has risen to the second highest level in history, second only to the level when gold prices exceeded $5400 per ounce. Investors in the options market continue to establish exposure to forward call options while hedging short-term risks. Central bank gold purchases, de dollarization, geopolitical risks, and sovereign debt concerns have raised the bottom of gold prices. The decline in gold volatility has increased its appeal to long-term reserve managers. The market's expectation of the Federal Reserve raising interest rates has been reflected in prices, and the downside risk of gold has narrowed. Societe Generale maintains a strategic bullish stance on gold, supported by inflationary pressures, US tariffs, AI and infrastructure investments, and high fiscal deficits. (Source: Federal Reserve)