Could gold prices reach $10,000 per ounce by 2028?
What's the story
Ed Yardeni, a renowned market expert and the President of Yardeni Research, has made a bold prediction about the future of gold prices. In his latest note, he has suggested that if the current trend continues, gold could reach as high as $10,000 per ounce (₹8.89 lakh in international markets) by 2028. This would be an increase of nearly 150% from its current levels.
Market analysis
Gold's recent surge and consistent performance
Yardeni's prediction is based on gold's consistent performance, which has often exceeded his expectations. The recent surge in gold prices, which crossed $4,000 an ounce this week before rising further after US President Donald Trump imposed 100% extra tariffs on China and restricted software exports to the country, also supports his forecast. As markets plummeted, investors turned to safe haven assets like gold and silver.
Influencing factors
Factors contributing to potential gold price spike
In his note, Yardeni highlighted several factors that could contribute to a potential spike in gold prices. These include the metal's traditional role as an inflation hedge, central banks de-dollarizing after Russia's assets were frozen, China's housing bubble bursting, and Trump's trade policy. "We are now aiming for $5,000 in 2026. If it continues on its current path, it could reach $10,000 before the end of the decade," Yardeni said.
Future outlook
Gold expert Hamad Hussain's prediction
Considering gold's performance since late 2023, the price could hit the $10,000-per-ounce mark by 2028-29. Gold expert Hamad Hussain also noted that while the FOMO factor makes it hard to value gold objectively, he expects its rise to continue as long as tailwinds remain. Hussain said that "the lack of an income stream makes it notoriously hard to value gold objectively," but he thinks prices will likely rise in nominal terms over the next few years.