Despite gold’s reputation as a safe haven and its significant price increase over the years, most discretionary fund managers maintain minimal exposure to it. Asset Risk Consultants (ARC) found that approximately 75% of managers have either no exposure to gold or allocate less than 2.5% of their portfolios to it, with none exceeding a 10% allocation. This low exposure persists even though gold prices have surged to record highs amid geopolitical uncertainties. The positive sentiment towards gold, driven by its recent performance, is not reflected in portfolio weightings, indicating a cautious approach by fund managers.