$5,000 Gold Back in Play as $10,000 Becomes Question of When, Says State Street’s Doshi

Aakash Doshi, Head of Gold Strategy at State Street Investment Management, believes the recent price correction has not damaged the metal’s long-term prospects. Amid concerns over unsustainable sovereign debt, he sees $5,000 per ounce as a realistic target again by year-end. Looking further ahead, Doshi views $10,000 gold as inevitable, with timing the only remaining question.

Gold rallied roughly 15% in August, its best monthly performance since January 1999, with spot prices last at $4,621.30. Doshi noted the debasement trade that fueled earlier highs has resumed after a pause caused by higher rates and a stronger dollar. State Street’s base-case range is $4,750–$5,500 by early next winter, with the low-$5,000 area potentially reachable in the fourth quarter.

U.S. public debt has surpassed $40 trillion, a global issue also affecting other nations. Doshi highlighted gold’s resilience above $4,000 and rebounding ETF inflows as support for the bull case. Even a modest rise in gold’s share of global funds from under 1% to 3% could drive prices toward $10,000 as investors seek protection from debt monetization. “I do think $10,000 is a question of when, not if,” he said.