The bank reduced its year-end 2026 gold target by $400 at both ends, citing shifting Fed policy and a stronger dollar.
Wells Fargo Investment Institute lowered its 2026 gold price target to $4,900-$5,100 an ounce, down from $5,300-$5,500. The revision marks the third adjustment this year, reflecting a $1,200 drop from its February peak forecast of $6,100-$6,300.
Gold surged to a record near $5,594 in January but retreated as the Federal Reserve maintained a hawkish stance, strengthening the dollar and keeping Treasury yields elevated. The bank had previously projected 23%-27% upside by year-end 2026, driven by expected rate cuts and central bank demand.
The 2027 target was also trimmed to $5,400-$5,600 from $5,800-$6,000, with both ranges reduced by $400 at each end.