Wells Fargo Trims Gold Price Forecast to $4,900-$5,100 as Hawkish Fed Bites

Wells Fargo's Investment Institute has revised its gold price forecast downward for 2026 and 2027, citing the Federal Reserve's hawkish stance. The bank now predicts that gold will trade between $4,900-$5,100 per ounce by year-end 2026, down from a previous range of $5,300-$5,500.

This marks the third downward revision in the forecast for this year alone, and represents a significant drop from the bank's February call, which had predicted gold would reach $6,100-$6,300 by the end of 2026.

Eamonn Sheridan, an analyst at Wells Fargo, characterized the adjustment as a 'precision calibration' rather than a reversal of the bank's overall constructive view on precious metals.