Wells Fargo Cuts Its 2026 Gold Target — but Stays Bullish

Wells Fargo is dialing back its gold target for the rest of 2026.
The bank now expects gold to finish the year between $4,900 and $5,100 per ounce, down from its previous $5,300-$5,500 range.
That is the third major revision this year.
Back in February, Wells Fargo was targeting $6,100-$6,300 gold as it expected lower interest rates and continued central-bank buying.
Instead, the Fed stayed more hawkish, Treasury yields remained elevated and the dollar strengthened for much of the year.
Those headwinds forced the bank to lower its forecast.
But Wells Fargo is not turning bearish.
Gold recently closed around $4,624, meaning the new target still implies roughly 6%-10% upside by year-end.
The bank also remains constructive on precious metals over the longer term, citing central-bank demand, geopolitical risk and renewed investor interest.
The target came down.
The bullish thesis did not disappear.