First, they said gold would never hit $3000/oz. Then analysts tacitly entertained the $4000/oz benchmark. Now, both Bank of America and Societe Generale expect gold to reach $5,000/oz next year.
Today, the world’s most recognizable symbol of wealth is approaching $4200/oz. It is up over 56% year-to-date and about 68% over the last three years. Gold has been fueled by a safe haven cocktail of inflation woes, tariff fallout, geopolitical uncertainty, de-dollarization and the current government shutdown. It should come as no surprise that one market expert is now predicting that gold prices will surge another 150% over the next three years to eclipse the $10,000/oz benchmark.
Why Gold Continues to Run
By all accounts, gold’s record-breaking run that started in the spring of last year may quite simply keep rolling along. Gold just reached its 45th all-time high of 2025, and its move from $3500/oz to $4000/oz took just 36 days. Market risks, dollar weakness, global tensions and Fed policy all continue to fuel the irrepressible rally.[1]
UBS, a global investment bank and financial services company, points out that gold demand remains near record highs and the precious metal continues to be an attractive hedge amid a host of economic woes.
“Investor appetite for gold is strong; exchange-traded fund (ETF) holdings are nearing previous records, and we expect central bank purchases to reach 900-950 metric tons this year, just below last year’s historical peak. Retail demand has also been robust, with the Perth Mint reporting a 21% month-on-month jump in gold sales in September. Our forecast for global gold demand this year is around 4,850 metric tons, which would be the highest level since 2011. If private investors begin diversifying US Treasury holdings into gold, which has been a trend among central banks, spot prices could be pushed even higher.”[2]
When the current rally started back in March of 2024, gold price triggers included widespread economic uncertainty, a weak dollar, central bank demand, and rate cut expectations — some 18 months later very little has changed.
The Historic Price Spike
Some call it a perfect storm others call it a confluence of key events — but those who understand gold’s role in the global economy have always known that its current price surge was inevitable.
Unlike any other commodity, gold functions as a reserve asset for central banks around the world. Global monetary authorities of economies large and small use gold to diversify their assets, reduce risk, and prop up their currencies.
The top buyers of gold this year include the National Bank of Poland, the People’s Bank of China, and The Reserve Bank of India as well as the countries of Uzbekistan, Kazakhstan and Turkey — and they are all acquiring gold at a record pace.
The Official Monetary and Financial Institutions Forum (OMFIF) recently expounded upon why national banks are so hungry for gold.
“It has been more than 50 years since the dollar was unpegged from gold. Nevertheless, it remains a key asset for central banks around the world … Geopolitical events have laid a solid foundation for gold to become prominent once again in the reserve portfolios of central banks, and as a way to settle payments for some countries. As geopolitical risks rise, various countries are setting their own restrictive rules for engagement, creating challenges for the financial system and cross-border trading, and raising concerns about holding offshore assets. Increasingly, central banks are holding gold as a hedge against volatility and geopolitical risk. This will continue to enhance gold’s role in the monetary system.”[3]
Likewise, financial analyst John Rabino recently spoke about gold’s role within the global banking system and elaborated on the impact of de-dollarization efforts by countries seeking alternatives to the US dollar.
“Central banks don’t care what the price is—they’re buying regardless because they need to diversify away from dollars. When you have a buyer that’s price-insensitive and has virtually unlimited funds, that changes market dynamics completely.”[4]
Why $10,000 Gold is Possible
Based on gold’s current momentum, Ed Yardeni, one of Wall Street’s most respected voices, sees gold prices reaching as high as $10,000/oz. Yardeni runs a global research firm and offers commentary on global investments and asset allocation. His bullishness is supported by the record setting reserve bank gold grab, gold’s role as a safe haven and crisis hedge, and the dramatic shift away from open trade policies.
“We reckoned that President Donald Trump’s attempts to reorder the world’s geopolitical order, including America’s relationships with its major trading partners, might be unsettling and bullish for gold … If it continues on its current path, it could reach $10,000 by the end of the decade.”[5]
Yardeni believes that as the world’s central banks continue to increase the percentage of gold in their international reserves, it will fundamentally reshape the global economic landscape.
Yardeni’s Key Predictions
2026 Forecast: $5,000 per ounce
2028 Forecast: $10,000 per ounce
Factors Driving the Bullish Outlook
Yardeni attributes his optimistic forecast to several key factors:
Central Bank Behavior: Emerging countries are increasing their gold reserves.
Hedging Strategy: Gold is being used as a hedge against geopolitical uncertainty and currency risk.
Global Tariff Scenarios: Including potential changes in international trade policies.[6]
The frenetic pace of the current gold rally is not only historic — it could very well be a turning point in the evolution of the global economic landscape. As national banks continue to diversify away from the dollar in favor of the stability and security of physical gold, its role will become increasingly vital to the world monetary system. As a result, the price of bullion could very well continue to rise in accordance with its growing global significance.
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[1] https://www.gold.org/goldhub/gold-focus/2025/10/gold-hits-us4000oz-trend-or-turning-point
[2] https://www.ubs.com/global/en/wealthmanagement/insights/chief-investment-office/house-view/daily/2025/latest-08102025.html
[3] https://www.omfif.org/2025/09/central-banks-are-turning-back-to-gold/
[4] https://discoveryalert.com.au/news/gold-surging-past-barriers-2025/
[5] https://www.benzinga.com/markets/commodities/25/10/48043500/gold-price-forecasts-2026-5000-4000-record-highs-yardeni
[6] https://scanx.trade/stock-market-news/markets/gold-prices-could-soar-to-10-000-by-2028-predicts-ed-yardeni/21791965
