[A number of asset management giants have begun to rebuild gold positions, optimistic about its cheap valuation and hedging value] September 4th, after the price of gold fell, some of the world's largest asset management companies have rebuilt gold positions, betting that even if the Federal Reserve takes a tougher stance in fighting inflation, the long-term factors supporting gold will continue. Amundi SA, Europe's largest asset manager, is buying gold and expects gold prices to return to $5,000 an ounce by the end of the year. Earlier this year, after gold prices fell from record highs, fund managers from Swiss Patek Asset Management, Robeco Institutional Asset Management BV and Fidelity International also re-added previously reduced gold positions. “Gold has become a much more accepted asset,” said Arnout van Rijn, portfolio manager at Robeco Multi-Asset and Equity Solutions, which manages about $464 billion. “It has become an integral part of every regular investment portfolio.”