Despite the recent slowdown, the veteran strategist believes that the price of the greenish yellow metal is likely to reach $6,000 an ounce by the end of 2026 (a 20% increase from current prices) and $10,000 by the end of the decade.
At the time of writing, spot gold traded at about $5,017.70 per ounce, or roughly $161.32 per gram, according to Catco data. In addition, silver was at $80.45 per ounce or approximately $2.59 per gram.
However, Yardini’s argument is not the usual inflationary fear or commodity demand.
In his view, gold’s hot streak reflects a deep shift in geopolitics, global stocks, and assets investors can diversify into.
In a recent Bloomberg interview, Yardini traced the origin of the gold bull run to the moment the United States and Europe froze nearly $300 billion in Russian central bank reserves after the invasion of Ukraine.
The moment has prompted governments and investors around the world to rethink where they keep their wealth.
Suddenly, investors felt that assets sitting off the government’s balance sheet looked much more attractive.
This is where King Metal comes in.
Although Yardini feels the metal is currently approaching $5,000 an ounce, the forces pushing it higher are just beginning.
Ed Yardini’s voice is important on Wall Street because he wears many hats and often provides some of the best market insights.
He currently serves as President and Chief Investment Strategist of Yardini Research, a firm he founded in 2007, with his work covering the economy, stock market, bonds and commodities.
Other Gold:
What sets him apart is that he doesn’t sound like a typical banking house analyst, giving his opinion more weight when the markets get upset.
Perhaps his most popular call in 1988 was his prediction that it would reach 5,000 in 1993. He later predicted in 1995 that it would reach 10,000 by the year 2000.
Yardini is also famous for coining the term “bond vigilantes”, which is basically shorthand for how markets enforce financial discipline.
JPMorgan: $6,300 By the end of 2026
UBS: $6,200 For March, June, and September 2026
Deutsche Bank: $6,000 In 2026
General Society: $6,000 At the end of the year
Goldman Sachs: $5,400 By the end of 2026
Bank of America: $5,000 In 2026 Source: Reuters
Gold prices remain in focus after a longtime analyst shared a new outlook for investors. Shutterstock ·Shutterstock
Yardini feels that gold’s rally has everything to do with diversification at a time when traditional hedges are no longer working effectively.
In his Bloomberg interview, he noted that gold and the S&P 500 typically move in opposite directions, especially in the short term. Over the long term, however, both assets share a similar upward trajectory as wealth expands and investors spread their money across different asset classes.
The bigger issue at hand is that investors seem to be running out of options to hide. Bonds, which usually provide a classic hedge against stock volatility, have not provided the same protection as inflation has kept yields high.
Related: Goldman Sachs resets Marvell price target after earnings
Bitcoin is often considered a modern alternative, but its current lackluster performance has revealed a lack of credibility compared to gold.
This is exactly what billionaire Ray DeLeo discussed in the recent gold crash, as I mentioned in this article. And as I’ve mentioned in several other posts recently, central bank demand remains as strong as ever.
According to the International Gold Council, central banks will hold 1,092.4 tonnes of the safe-haven metal in 2024 and 863.3 tonnes in 2025, comfortably above the annual average of 473 tonnes between 2010 and 2021.
In addition, the gold rally is increasingly linked to geopolitics. Therefore, according to the International Gold Council, the greenish yellow metal will reach a new all-time high of 53 by 2025.
The OMFIF survey also shows that 31% of reserve managers cite geopolitics as an important investment driver, up from just 4% a year ago.
Gold’s performance over the past month has been largely muted.
Spot gold rose just 0.6%, from $5,022.06 on February 13 to $5,052.15 on March 13. However, in this limited gain, it rose to $5,230.56 on February 27 and then rose above $4,400 in early March with the Iran-Russia security conflict.
This rally did not last long, however, due to a shift in the macro narrative.
Early on, we saw a soft inflation reading, expectations of a 0.63% Fed tapering in 2026, supercharging gold. Later, rising oil prices, a healthy dollar, and fears of “long-term” interest rates limited the rally.
From a technical perspective, things look relatively bearish for precious metals in the short term, but much more bearish in the medium term.
The near-term case is clear, with gold having two straight weekly declines, and failing to move above the $5,200-$5,230 zone.
A breakout above the $5,400 level in early March looks like a breakout failure, a negative technical signal suggesting that buyers cannot sustain the apparent momentum increase.
However, in the medium term, we can determine that gold is still trading well above the important psychological area of $5,000, which means above the mid-level of February, and still in broad growth.
So clearly, the broad growth looks very steady, pointing to a healthy upturn after the recent run of gains.
This story was originally published by The Street on March 14, 2026, where it first appeared in the Investing section. Add TheStreet as a Favorite Source by clicking here.
