- Wells Fargo Investment Institute lowers 2026 year-end gold target to $4,900–$5,100/oz, from $5,300–$5,500.
- The 2027 target was also cut to $5,400–$5,600, from $5,800–$6,000.
- Despite reductions, the bank still expects gold prices to rise over the longer term.
A Softer Near-Term Outlook
Wells Fargo Investment Institute (WFII) has trimmed its gold price forecasts for 2026 and 2027, citing evolving expectations for interest rates and central bank demand. The revised targets, announced in a research note, now see gold at $4,900–$5,100 per ounce by the end of 2026, down from the previous range of $5,300–$5,500. For 2027, the target was cut to $5,400–$5,600, from $5,800–$6,000.
The adjustment comes after earlier boosts in 2026 that had reflected a more bullish stance. But with shifting macroeconomic conditions, including potential changes in Federal Reserve policy, WFII has recalibrated its expectations for the near term.
Still Constructive Long-Term
Despite the downgrade, WFII maintains a constructive longer-term outlook for gold. According to the note, the bank still anticipates gold prices to rise over time, driven by persistent global central bank demand, inflation concerns, and geopolitical risks that bolster gold's appeal as a hedge. A spokesperson for Wells Fargo declined to comment further on the specifics of the research note.
Market Context
Gold prices have been volatile this year, reacting to economic data and central bank signals. The revised targets reflect a more cautious view on the pace of price appreciation in the next couple of years, but WFII's long-term stance remains positive. Investors will likely watch for further updates as economic conditions evolve.