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Wells Fargo trims its 2026 gold target as rates and yields stay higher
The Wells Fargo Investment Institute cut its 2026 forecast to $4,900 to $5,100 per ounce from $5,300 to $5,500, after earlier revisions in 2026 tied to a more hawkish Fed and higher Treasury yields.
Wells Fargo Investment Institute has lowered its gold price outlook for the rest of 2026, reducing its 2026 target to $4,900 to $5,100 per ounce from a prior $5,300 to $5,500 range. Its 2027 forecast was also trimmed to $5,400 to $5,600 from $5,800 to $6,000, according to Yahoo Finance.
The bank previously raised its 2026 gold target in February to $6,100 to $6,300, citing expectations for falling interest rates and continued central bank buying. However, those assumptions weakened as the Federal Reserve turned more hawkish, the dollar strengthened, and Treasury yields stayed elevated.
Wells Fargo said the shift in rates and yields undercut gold because the metal does not pay interest or dividends, making it less attractive when bond yields rise. Spot gold traded around $4,397 per ounce on Aug. 18, according to CNBC, after earlier cuts that followed gold's pullback from a near record in January.
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