Gold prices could rise to $10,000 per ounce in just three years

The precious metal topped $4,000 an ounce for the first time ever earlier this week, then received another jolt on Friday, when President Donald Trump said he would do so. Imposing an additional 100% tariff on China Reducing US exports of software.

Stocks suffered their worst loss since the height of Trump’s trade war chaos in April. The dollar fell while gold jumped 1.5%, strengthening its position as a safe haven asset Investors are losing confidence in the dollar.

In a note on Monday, Ed Yardeni, president of Yardeni Research, reviewed his previous bullish outlook on gold, which has repeatedly reached his forecast ahead of schedule.

During that period, he cited gold’s traditional role as a hedge against inflation, central banks’ stop using the dollar after Russia’s asset freeze, the bursting of China’s housing bubble, as well as Trump’s trade war and his attempts to upend the global geopolitical order.

“We are now aiming for $5,000 in 2026,” Yardeni added. “If it continues on its current trajectory, it could reach $10,000 before the end of the decade.”

Based on gold’s path since late 2023, the price could reach the $10,000 per ounce level sometime between mid-2028 and early 2029.

Gold also got a recent boost from the Federal Reserve’s pivot back to interest rate cuts last month, with policymakers turning more attention to a sluggish labor market and away from fighting inflation, which has remained stubbornly above their 2% target amid Trump’s tariffs.

While the Fed has not signaled an aggressive easing cycle, the prospect of further interest rate cuts while GDP growth remains strong has heightened inflation concerns.

Meanwhile, rising debt among the largest advanced economies, including the United States, has turned investors wary of global currencies. This has fueled a so-called put-down trade that bets on precious metals and Bitcoin on the assumption that governments allow inflation to rise further to ease debt burdens.

In a note on Wednesday, Hamad Hussein, climate and commodities economist at Capital Economics, said the “FOMO” phenomenon is creeping into gold trading, making it difficult to objectively evaluate the metal. Prices are expected to continue rising, although the pace of gains will slow as key winds weaken.

On the upside, Hussain pointed to interest rate cuts by the Federal Reserve, geopolitical uncertainty, and financial sustainability concerns. On the other hand, he pointed out that gold’s recent rise came as the dollar stabilized (until Friday) and inflation-protected bond yields rose, which are clear signs of market vitality.

“As always, the lack of a source of income makes it very difficult to value gold objectively,” he said. “Overall, we think gold prices are likely to rise in nominal terms over the next two years.”

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