Wells Fargo Trims Gold Price Targets as US Yields Remain a Headwind

Wells Fargo Investment Institute has trimmed its year-end gold price targets for 2026 and 2027. The bank now expects gold to reach $4,900-5,100 an ounce by the end of 2026, down from a previous forecast of $5,300-5,500.

This revision comes as gold prices have been rising, with a strong weekly gain in August marking its strongest performance since January. Despite this rebound, Wells Fargo notes that US real yields remain a significant headwind for the metal.

According to the bank, international and central bank demand are currently supporting gold's price, while the US monetary backdrop remains structurally less supportive.

The regional divergence in gold prices is also notable, with gold down 5% globally in the first half of 2026 but up 13% when measured during Asian trading hours. This suggests that international investors are driving demand for gold amid geopolitical uncertainty and relatively low interest rates in certain markets.