Gold has climbed roughly 90 percent over the past year, and many see the rally as far from over. Gold is expected to gain further as inflationary pressures, the possibility of larger-than-expected interest rate cuts, and growing political turmoil weigh on the dollar. Could gold reach $10,000 this year? In its Outrageous Predictions report last December, Saxo outlined two technological and macroeconomic tailwinds that could drive gold to $10,000. “Russia, China and African countries like Nigeria are already using gold to settle sanctioned oil purchases.” Connors also expects institutional investors to begin accumulating gold as they seek higher and more stable returns.