SocGen Buys Gold Dip, Raises Allocation to 10% Near $4,000 Support

Société Générale lifted its gold allocation to 10% from 7% on June 19, citing persistent inflation risks and central-bank buying despite recent weakness. The move follows a string of bullish institutional notes: Barclays framed the pullback as a healthy reset near $4,150 fair value on June 15-16, Wells Fargo raised its year-end target to $5,300-$5,500 on June 17, and JPMorgan trimmed its 2026 forecast to $5,243 yet still sees $5,000 in Q4. Spot gold has fallen more than 20% from January highs and now trades near $4,320, with analysts eyeing a possible retest of $4,000 before recovery.