Wells Fargo Cuts Its 2026 Gold Price Forecast for the Third Time

Investment firm Wells Fargo has cut its gold price forecast for the third time in 2026. According to Arzdigital, the firm now expects gold to trade between $4,900 and $5,100 an ounce by year end, down from its previous forecast of $5,300 to $5,500. Its 2027 target was also cut, to $5,400 to $5,600 from $5,800 to $6,000. In February 2026, Wells Fargo had set a 2026 target of $6,100 to $6,300, expecting Federal Reserve rate cuts and continued central bank buying to support gold, but the Fed did not cut rates and central bank gold purchases slowed.

Gold, which hit a record near $5,594 in January, has corrected in the months since, trading around $4,397 on August 18 (27 Mordad). Wells Fargo cited rising US Treasury yields, a stronger dollar, profit taking after the earlier sharp rally, outflows from gold ETFs, expectations of tighter Fed policy, and temporary selling by some central banks as the main drivers of the correction. Even so, the firm's new target remains above gold's current global market price.