Gold Prices to $10K per Ounce by 2030, $5.5K by 2027, Predicts Rockefeller Strategist

Amid the AI-driven rally, experts believe commodities have reasserted themselves as portfolio diversifiers, as demand combined with limited supply across the segment—alongside the rapid AI infrastructure buildout and electrification—are driving the broader commodity case.

However, precious metals are leading the pack, with gold up 92% and silver over 152% since the start of 2025, according to Rockefeller Global Investment Management strategist Doug Moglia. 'We think gold will trade above $5,500 per ounce into 2027 and reach $8,000 per ounce before 2030, with an overshoot potential to $10,000/oz,' he noted.

'Gold has been supported by persistent central bank purchases which accelerated starting in 2022 following the sanction of Russian foreign exchange reserves. However, 2025 marked an inflection point in the precious metals rally, as speculative momentum flows surged alongside a sharply weaker US dollar, which magnified the move into higher-beta metals such as silver and platinum,' Moglia wrote in a research note to clients.

Moglia believes the gold entered its third secular bull market in 2022, similar regime inflection points in the early 1970s after the downfall of Bretton Woods system, and at the turn of the millennium when gold was used as a hedge following the dot-com bubble burst.

'In this new bull cycle, the catalyst was the Russia-Ukraine war, and more specifically, the precedent set by sanctions on Russia's foreign exchange reserves,' he explained.

Drastic Changes to Central Bank Gold Reserve Management

Moglia believes that central banks around the world realised that reserves held inside the dollar-euro system are vulnerable to political and legal dynamics, which altered central bank reserve management and the way they evaluate sovereign autonomy. Ultimately, gold became the primary beneficiary with no issuer or counterparty risk.

As a result, central banks purchased 1,000 tonnes of gold between 2022 and 2024, representing nearly a quarter of annual global mine production. Furthermore, gold price movements became less sensitive to its usual cyclical drivers, like changes in interest rates and dollar price behaviours.

'We expect the bid from central banks to continue, with gold reserves likely to come closer to parity with global dollar reserves over time,' he said. 'Persistent demand should help establish both a higher floor and higher ceiling for gold prices, as central bank demand is largely price insensitive. However, the marginal driver of price action appears to be shifting toward financial investors.'

Gold Maintains Bullish Setup Despite Recent Volatility

Gold prices surged to record highs before crashing hard in 2026 as pressure mounted amid the ongoing Middle East war. However, Moglia believes there are multiple drivers that reinforce gold bullish setup.

'Rising concerns about Federal Reserve independence have supported monetary metals, like gold, as a politicised central bank would undermine confidence in the US financial system, and thus, the dollar,' he said. 'Increasing fiscal risks and the potential for those to get worse before they get better also support higher gold exposure. Lastly, geopolitical shocks, including the recent breakout war with Iran, are raising investor interest.'

On silver, Moglia said it is a more volatile version of gold despite its much larger industrial demand. 'Silver has historically been known as "higher beta gold"—it has much higher volatility, a thinner liquidity profile, and different demand drivers, with over 50% driven by industrial uses,' he explained.

In all, the strategist said the silver market has robust fundamentals, but near-term price movement is being dominated by momentum.

'Gold and silver miners offer leveraged upside with improved carry. Embedded operational leverage, robust free cash flow generation, and improving shareholder returns via increased dividends and buybacks will help catalyze a re-rating across the entire sector,' Moglia concluded.

Disclaimer: Our digital media content is for informational purposes only and does not constitute investment advice. Please conduct your own analysis or seek professional guidance before investing. Remember, investments are subject to market risks, and past performance does not guarantee future results.