Institutions: Gold bull market enters a new phase, with simultaneous increases in physical, futures, and options positions.

BlockBeats News, September 9 — Societe Generale stated that the 2026 gold bull market is transitioning from a phase previously driven by speculative momentum to a new stage where physical, futures, and options demand converge, with signs of synchronized position-building across different types of capital emerging in the gold market.

According to Societe Generale data, gold ETF net inflows reached 201 tons in August, marking the third-largest monthly record in history, trailing only February 2009 and March 2020. Meanwhile, the notional exposure of asset managers' net long positions in gold futures rose to the second-highest level on record, second only to the level seen in January this year when gold prices broke above $5,400 per ounce.

The options market is also releasing bullish signals. Investors are hedging short-term risks through put options while continuously building longer-dated call option exposure, indicating that although the market remains focused on short-term volatility, sentiment toward gold's medium-to-long-term trajectory remains optimistic.

Societe Generale believes that sustained central bank gold purchases, de-dollarization, geopolitical risks, and sovereign debt concerns are raising the floor for gold prices and weakening the traditional suppressive effect of high real interest rates on gold. As gold volatility recedes, gold's appeal to long-term reserve managers has also increased.

Regarding Fed policy, Societe Generale believes that market expectations for further rate hikes have been largely priced in, and downside risks for gold are gradually narrowing. The bank maintains its "strategically bullish" stance on gold and believes that persistent inflationary pressures, U.S. tariffs, AI and infrastructure investment, and high fiscal deficits could continue to provide support for gold prices.