Gold could be headed for a dramatic rally by the end of the decade, according to veteran market strategist Ed Yardeni. According to CNBC-TV18, The president of Yardeni Research believes the yellow metal
could climb to $10,000 an ounce by 2029, a level that aligns with his long-term “Roaring 2020s” target for the S&P 500.
Currently, gold prices in the international market stand at nearly $4,400 an ounce on New York-based COMEX.
Yardeni said gold continues to hold a meaningful place in investment portfolios and noted that its past upcycles have often exceeded expectations. “When in the past we’ve had gold rallies, they go much further than people anticipate,” he said. While gold and equities can move in opposite directions over shorter periods, he added that their long-term trajectories have tended to track each other.
Gold recently surged to a record $4,400 an ounce on December 22, supported by expectations of further US Federal Reserve rate cuts, ongoing safe-haven demand and a weaker dollar. The metal has gained roughly 67 per cent so far in 2025.
On US equities, Yardeni struck an optimistic tone, saying the broader environment remains supportive. He expects the S&P 500 to reach 7,700 by the end of 2026, implying about 10 per cent upside from current levels. The index, he noted, is on track for a third consecutive year of double-digit returns, and a fourth year of similar performance is not out of the question.
Yardeni also flagged rising volatility in the artificial intelligence trade, as intensifying competition among large technology firms leads to higher capital spending. That dynamic, he said, could ultimately broaden gains across the tech sector rather than concentrating them in a handful of mega-cap names.
Turning to India, Yardeni expects 2025 to be a year of consolidation following several years of strong equity market performance, with better prospects emerging in 2026. He sees scope for fresh highs if trade negotiations with the US progress. While he sees opportunities in both India and China, his preference is clear: “My preference is to invest in India simply because I like the legal and corporate system better than what I see in China.”
On global monetary policy, Yardeni downplayed the risk of Japan’s actions triggering wider financial stress but cautioned against mixed policy signals. “It’s not a good way to drive a car to have one foot on the brake and another foot on the accelerator,” he said, referring to the combination of tighter monetary policy alongside fiscal stimulus.
