Wells Fargo revamps gold price target for the rest of 2026

Wells Fargo has revised its gold price target for the rest of 2026 and 2027, narrowing the range by $400 at each end. The bank lowered its initial 2026 target from $5,300 to $5,500 to $4,900 to $5,100, and its 2027 target from $5,800 to $6,000 to $5,400 to $5,600. The revisions were prompted by factors such as higher interest rates, stronger dollar, and rising oil prices, which have made gold less attractive compared to its January high near $5,594.

Despite the target cut, Wells Fargo still expects gold to appreciate in the long run, with a 11% to 16% upside for 2026 and 23% to 27% upside for 2027. The bank still identifies central bank demand, reserve diversification, and geopolitical uncertainty as potential reasons for investing in gold. However, the timeline for a potential high has been pushed to 2027, due to higher-for-longer rates and a strong dollar.