economy
Gold at $10,000? Market watchers hold firm on forecasts despite bullion bear market slide
Gold's sharp selloff may have pushed the metal firmly into bear market territory, but some market veterans are sticking to ambitious long-term forecasts.
TL;DR
- Gold prices have fallen into bear market territory, down approximately 21% from their peak.
- Market veterans like Ed Yardeni maintain long-term forecasts of $10,000 per ounce by the end of the decade.
- Strategists view the recent selloff as a short-term dislocation and a buying opportunity rather than a trend reversal.
- Underlying fundamentals supporting gold include geopolitical risks, central bank demand, and a potential weaker U.S. dollar.
- Standard Chartered remains constructive on gold, expecting a rebound toward $5,375 in three months, with technical support around $4,100.
- A weaker U.S. dollar is anticipated to support gold prices, especially if the Federal Reserve begins to cut rates.