Analysts at Societe Generale foresee a strong and broad-based gold bull market emerging in 2026, driven primarily by positioning in ETFs, futures, and options. According to FX Street, Michael Haigh and Jeremy Sellem highlight the critical role of sustained physical ETF inflows alongside near-record futures exposure by money managers.
In addition to futures and ETFs, the analysts emphasize a structurally bullish options skew, signaling significant investor optimism toward gold in the coming years. This combination of factors is expected to underpin a robust upward trend for the precious metal.
For Japanese investors, this outlook aligns with growing interest in gold as a hedge amid ongoing market volatility and currency fluctuations, potentially influencing portfolio diversification strategies across FX, crypto, and equities sectors.