Gold Price Target: $10,000 by 2029-end
Market strategist Ed Yardeni has set out a bullish long-term trajectory, forecasting that both the S&P 500 index and the price of gold could climb to the 10,000 mark by the end of 2029 — with gold expected to more than double from current levels. The call comes as spot gold hit an all-time high of $4,383.73 per ounce on Monday. The yellow metal has already surged 67 percent this year amid robust safe-haven demand, geopolitical and trade tensions, strong central bank buying, a softer dollar, and expectations of further U.S. Federal Reserve rate cuts.
Speaking with CNBC TV18, the President of Yardeni Research also outlined a shorter-term milestone for the U.S. benchmark equity index, projecting it to reach 7,700 by end-2026. The S&P 500 index is currently up 16.2 percent year-to-date at 6,834.50, putting Yardeni’s target at roughly a 13 percent upside over the next two years.
Yardeni noted that his 2026 projection would mark a fourth consecutive year of double-digit gains for the S&P 500. He explained his long-term view — part of his “Roaring 2020s” thesis — by highlighting the relationship between US equities and the precious metal. “What I’ve found if you put the two on the exact same chart with the same scale, what you see is that the gold and the S&P 500 tend to be inversely related on a short-term basis, which makes gold a good way to diversify a US stock portfolio,” he said. However, he pointed out that their long-term trend is “almost identical,” leading to his dual 10,000 target for the end of the decade.
On the artificial intelligence (AI) trade, Yardeni anticipates more volatility in 2026. He observed that while the ‘Magnificent 7’ stocks once operated independently like separate kingdoms, AI has forced them into direct competition. This increased rivalry, he said, will lead to higher spending — a trend that should benefit other technology companies providing infrastructure and services to these giants.
Turning to emerging markets, Yardeni described 2025 as a year of “consolidation” for the Indian stock market following several years of outperformance. He suggested that 2026 could be a better year, with the potential for the market to reach new highs, contingent on a resolution to ongoing trade discussions with the United States. When comparing India and China, Yardeni expressed a clear preference. “There’s opportunities to invest in both China and India, though my preference is to invest in India simply because I like the legal and corporate system better than what I see in China,” he commented.
Finally, Yardeni addressed the recent interest rate hike by the Bank of Japan, noting that its impact appears muted for now. He described Japan’s current strategy as a “very contradictory fiscal and monetary policy,” with the central bank applying the brakes due to inflation concerns while the government simultaneously presses the fiscal accelerator — a mix he likened to driving a car with one foot on the brake and the other on the accelerator.
Story continues below Advertisement
Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.