Veteran emerging markets investor Mark Mobius has declared gold unattractive at current levels near $4,600 per ounce, stating he would only buy if prices drop 20%. In a recent Bloomberg Television interview, Mobius, managing director of Mobius Emerging Opportunities Fund, emphasized, "I will not pick it up at this level, that's for sure," citing a potential U.S. dollar rebound that could pressure precious metals. This caution contrasts with gold's record-breaking rally—its best annual performance since 1979 last year, up over 6% in 2026 amid central bank buying, geopolitical tensions, and Federal Reserve concerns.

A stronger dollar, fueled by robust U.S. economic data like Thursday's initial jobless claims at 198,000 (below expectations), makes dollar-priced gold costlier for global buyers and less appealing as a non-yielding asset in rising rate scenarios. Analyst Kyle Rodda from Capital.com attributes recent pullbacks to fading U.S. intervention odds in Iran's unrest and stronger growth reducing rate cut bets, leaving gold vulnerable despite institutional demand shown by SPDR Gold Trust holdings at 1,074.80 tons—the highest in over three years.

Shifting focus, Mobius remains highly optimistic on Asian equities, particularly China, India, South Korea, and Taiwan, calling them the region's top picks for investors. China's rally looks sustainable due to tech advancements, with funds pouring into advanced chips and AI to rival the U.S., bypassing consumer sectors. For India, he forecasts 12%-15% returns in 2026 from government spending and tech investments, having allocated 30% of his portfolio there. 

Current Market Snapshot (January 16, 2026)

Gold hovers around $4,600 as dollar strength persists post-jobs data, aligning with Mobius's range-bound outlook. Asian markets exhibit resilience—China's tech surge and India's growth intact—while SPDR ETF inflows signal ongoing gold interest despite weak Indian retail buying at peak prices. Investors should monitor U.S. economic releases and Asian policy shifts for near-term direction.