French Bank: Gold Bull Market Enters New Phase as Physical, Futures, and Options Funds Simultaneously Increase Positions

Huoxing Finance reports that on September 9, Société Générale stated that the 2026 gold bull market is transitioning from a phase previously driven by speculative momentum to a new stage characterized by synchronized demand from physical, futures, and options markets, with signs emerging of coordinated positioning across different types of capital. According to Société Générale data, net inflows into gold ETFs in August reached 201 metric tons, marking the third-largest monthly increase on record, behind only February 2009 and March 2020. Meanwhile, the notional net long exposure of asset managers in gold futures rose to the second-highest level in history, trailing only the level seen in January this year when gold prices breached $5,400 per ounce. The options market also signaled bullish sentiment: investors are simultaneously hedging short-term risks with put options while continuing to build longer-dated call option exposure, indicating that although market participants remain attentive to near-term volatility, they maintain an overall optimistic outlook on gold’s medium- to long-term trajectory. Société Générale believes that sustained central bank gold purchases, de-dollarization, geopolitical risks, and concerns over sovereign debt are raising the floor for gold prices and weakening the traditional dampening effect of high real interest rates. As gold volatility declines, gold’s appeal to long-term reserve managers is also increasing. Regarding Federal Reserve policy, Société Générale believes that market expectations for further rate hikes have largely been priced in, and downside risks for gold are gradually narrowing. The bank maintains a “strategic bullish” stance on gold, noting that persistent inflationary pressures, U.S. tariffs, AI and infrastructure investments, and high fiscal deficits may continue to support gold prices.