Market veteran Ed Yardeni is very bullish on gold amid demand for save haven investments. He feels that gold prices could reach $10,000 per ounce by 2028, zooming 150% if the upward trend continues.
Ed Yardeni is very bullish on gold amid demand for save haven investments. The market veteran feels that gold prices could reach $10,000 per ounce or ₹8.89 lakh in the international markets by 2028, zooming 150 per cent if the upward trend continues.
In a note, the noted investor and president of Yardeni Research, upped his bullish calls on gold, as the yellow metal has repeatedly reached his forecasts ahead of schedule, Fortune reported.
As the markets crashed, investors flocked to safe haven options such as gold aand silver.
“We are now aiming for $5,000 in 2026,” Yardeni added. “If it continues on its current path, it could reach $10,000 before the end of the decade.”
Based on gold’s trajectory since late 2023, the price could reach the $10,000-per-ounce milestone sometime between mid-2028 and early 2029.
Gold has also gotten a lift recently from the Federal Reserve’s pivot back to rate cuts last month, with policymakers shifting more attention to the stagnating labor market and away from fighting inflation, which has remained stubbornly above their 2% target amid Trump’s tariffs.
While the Fed hasn’t signaled an aggressive easing cycle, the prospect of more rate cuts while GDP growth remains strong has added to inflation concerns.
At the same time, soaring debt among top developed economies, including the U.S., has turned investors skittish on global currencies. That’s fueled a so-called debasement trade that bets on precious metals and bitcoin assuming governments let inflation run hotter to ease debt burdens.
In a note on Wednesday, Capital Economics climate and commodities economist Hamad Hussain said “FOMO” is creeping into the gold trade, making it harder to objectively value the metal. He expects prices to continue rising, though the pace of gains will slow as key tailwinds weaken.
On the bullish side, Hussain pointed to Fed rate cuts, geopolitical uncertainty, and fiscal sustainability concerns. On the other hand, he noted the recent gold rally came as the dollar was stable (until Friday) with inflation-protected bond yields higher — telltale signs of market exuberance.
“As ever, the lack of an income stream makes it notoriously hard to value gold objectively,” he said. “On balance, we think that gold prices will probably grind higher in nominal terms over the next couple of years.”
