Societe Generale, in its latest report, reiterated its positive outlook on gold, viewing it as a hedge against currency and policy uncertainties. The bank believes that the impact of hawkish Federal Reserve expectations has largely been priced in, limiting downside risks. Deutsche Bank, in its September 3 report, noted that discretionary hedge funds, asset managers, and banks are successively buying physical gold, confirming a structural shift in capital flows, although institutional holdings remain low. According to Bloomberg, several leading asset management firms, including Amundi, Pictet, Robeco, and Fidelity International, have increased their gold holdings during the price pullback. Amundi expects gold prices to return to $5,000 per ounce within the year.