Wells Fargo Investment Institute lowered its 2026 gold price target to $4,900 to $5,100 an ounce from the previous range of $5,300 to $5,500, marking the third revision this year. Its 2027 target also dropped to $5,400 to $5,600 from $5,800 to $6,000, with both ranges coming down by $400 at each end. The bank had raised its 2026 target to $6,100 to $6,300 in February, when gold was trading near $4,961, but the Federal Reserve turned hawkish, the dollar strengthened, and Treasury yields stayed elevated. Spot gold was trading around $4,397 an ounce on Aug. 18, and the new 2026 range implies 11% to 16% upside from that level, while the 2027 target implies 23% to 27% upside. Wells Fargo still expects gold to go higher, but the timeline and ceiling have been pushed out.
Wells Fargo & CompanyWells Fargo lowered its gold price targets, reflecting a bearish view on gold, which may affect its commodity research credibility but not its core business.
