Anita Soni, a Canadian Imperial Bank of Commerce Capital Markets analyst, predicts a rising trajectory for gold prices. She anticipates prices to reach $4,500 per ounce in 2026 and 2027 before falling to $4,250 in 2028 and $4,000 in 2029. Soni believes a favorable macroeconomic environment will support gold’s price growth, despite ongoing uncertainties surrounding trade policies. The impact of tariffs on consumer purchasing power is not yet fully felt in the U.S. economy. Meanwhile, the Federal Reserve has defied President Trump’s calls for rate cuts by responding with earlier interest rate increases. This response likely accelerated the rise in gold prices as it offers little direct relief for inflation concerns that are at play.