The bank lowers its year-end 2026 gold target but maintains a bullish outlook amid strong Asian and central bank demand.
Wells Fargo reduced its 2026 gold price target to $4,900-$5,100 an ounce, down from $5,300-$5,500, citing persistent headwinds from elevated US real yields. The revision reflects a challenging five-month stretch for gold, though the bank remains optimistic on precious metals overall.
The bank also cut its 2027 target to $5,400-$5,600. Despite the downgrade, Wells Fargo highlights resilient demand from Asian markets and central banks, which offset weaker US investor sentiment. Gold’s regional performance diverged in the first half, falling 5% globally but rising 13% during Asian trading hours.
The note suggests further gains are likely but uneven, with US monetary policy expectations remaining the key swing factor for gold’s trajectory within the revised range.