Yardeni Research predicts gold will reach $10,000 per ounce by the end of 2029, citing a broad geopolitical risk-on trade. The firm has maintained a bullish outlook since early last year, seeing a meltup across precious metals, base metals, and rare earths.

The surge is driven by rising global tensions fueling a military arms race and an AI arms race, increasing demand for metals from defense and tech sectors. This follows U.S. President Donald Trump's proposal to lift military spending to $1.5 trillion by 2027, further boosting commodity markets.

Yardeni's $6,000 gold target for this year remains intact, with the $10,000 goal for 2029. The firm notes strong performance from metals ETFs and an overweight recommendation for emerging markets, which show a correlation with raw industrials prices and often lead broader commodity trends.