Gold prices might surge to $10,000 by end of 2029
What's the story
Veteran market strategist and President of Yardeni Research, Ed Yardeni, has predicted a massive surge in gold prices by the end of this decade. He believes that the precious metal could reach a staggering $10,000 per ounce by 2029. This prediction is part of his broader "Roaring 2020s" framework, which also includes a long-term target for the S&P 500.
Market trends
Gold's historical performance and potential
Yardeni emphasized the importance of gold in investment portfolios, noting that past rallies have often exceeded market expectations. He said, "When in the past we've had gold rallies, they go much further than people anticipate." The strategist also observed that while gold and equities tend to diverge in the short term, their long-term trends have been broadly similar.
Price surge
Recent performance and future expectations
Gold prices hit a record high of $4,400 an ounce today. The surge was driven by expectations of further rate cuts by the US Federal Reserve and continued safe-haven demand amid a weaker dollar. So far in 2025, the precious metal has gained some 67%.
Market predictions
Yardeni's outlook on US equities and AI trade
Yardeni remains optimistic about US equities, predicting the S&P 500 index could hit 7,700 by end-2026. This would mean a potential upside of around 10% from current levels. He also expects the artificial intelligence (AI) trade to become more volatile as it pushes large tech companies into direct competition with each other, resulting in increased spending.
Investment strategies
Views on Indian equities
Yardeni anticipates 2025 will be a consolidation phase for Indian equities after years of strong performance. He sees potential for improvement in 2026, especially if trade talks with the US progress.