Despite gold's recent pullback from record highs, Jefferies' Chris Wood and billionaire investor John Paulson believe the long-term bull market is only beginning. They cite central bank buying, weakening faith in fiat currencies and risks from the AI investment boom as key drivers supporting higher gold prices over time.

He said demand for bullion continues to broaden, led by central banks that have been adding to their reserves alongside growing private-sector interest.

Despite gold's recent pullback from record highs, Jefferies' Chris Wood and billionaire investor John Paulson believe the long-term bull market is only beginning. They cite…