By Rishabh Mishra

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Gold extended its rally Monday, nearing $3,800 an ounce as robust demand and ongoing economic uncertainty strengthened its safe-haven appeal.

Despite the near-record highs, a key survey of institutional investors indicates that a speculative frenzy has not yet taken hold, suggesting the rally could have more room to run.

Nowhere Close To The Golden Fever

This cautious sentiment is highlighted by data from a recent Bank of America Global Fund Manager Survey, which shows that 39% of fund managers still have zero allocation to the precious metal in their portfolios.

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While this figure is down from 47% in August, it points to significant untapped investment potential. Ryan Detrick, the chief market strategist at Carson Research, commented on the findings, stating, “This is simply amazing, but it also shows we aren’t anywhere close to gold fever yet.”

39% of fund managers have a 0% allocation to gold. That is simply amazing, but it also shows we aren't anywhere close to gold fever yet. pic.twitter.com/jjKTfizFUP

— Ryan Detrick, CMT (@RyanDetrick) September 21, 2025

Central Banks Holding More Gold Than US Treasuries; China Leads

The rally is instead being underpinned by robust physical demand from key markets and a flight to safety. China, the world’s largest gold consumer, saw its non-monetary gold imports surge to 104 tonnes in July, well above the five-year average.

Meanwhile, demand in India is anticipated to pick up with the start of the festival season. “With the auspicious beginning of Navratri starting today, domestic markets may hope to see some buying traction,” said Darshan Desai, CEO of Aspect Bullion & Refinery.

He added that “ongoing global economic uncertainties are expected to provide continued support for bullion prices.”

China’s appetite for gold remains strong:

China’s non-monetary gold imports jumped +64% MoM in July, or 104 tonnes, the second-highest reading this year.

Non-monetary gold imports reflect demand from households, jewelers, and private investors.

This is ~9% above the 5-year… pic.twitter.com/rb7ZQKBZnM

— The Kobeissi Letter (@KobeissiLetter) September 21, 2025

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Gold Prices To Skyrocket To $4,000 Per Ounce Soon

Other market experts remain bullish, citing a potential major shift in investment strategy. James Turk, founder of Goldmoney, has pegged a near-term price target of $4,000 for gold.

Friday spot closes: #gold $3,685.50 #silver $43.10 Ratio: 85.5, breaking support at 86. Expect ratio to keep falling - silver outperforms gold to yearend. Near-term targets: gold $4k silver $50 Ratio 80. Silver break-out of 25-yr base when it hurdles $50 to begin its bull market. pic.twitter.com/cMWRoVF1eM

— James Turk (@FGMR) September 20, 2025

This optimism is echoed by economist Peter Schiff, who pointed to Morgan Stanley’s revision of the classic “60/40” portfolio to include gold, a move he argues is tantamount to a “sell” rating on U.S. Treasuries. As physical buyers and long-term strategists drive prices higher, the market is now watching to see when the large pool of institutional capital will join the rally.

Morgan Stanley has revised the classic 60/40 portfolio by splitting the 40% that was traditionally allocated to bonds with gold. So it’s now the 60/20/20 portfolio. If investors follow this advice, both long-term interest rates and gold prices are headed much higher.

— Peter Schiff (@PeterSchiff) September 19, 2025

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This article originally appeared on Benzinga.com