Earlier this year, one of Wall Street's most closely watched research arms made a bold commodity price call, the boldest any large institution had made in years. The forecast turned heads. It implied the kind of return that usually only shows up in speculative assets.
And for a few months, the trade was working. The call got walked back. This is the third revision in 2026 alone, and the gap between where Wells Fargo started the year and where its forecast sits today is large enough to matter for anyone who has been tracking it.
Wells Fargo Investment Institute lowered its 2026 gold price target to $4,900 to $5,100 an ounce from the previous range of $5,300 to $5,500. Its 2027 target also dropped, to $5,400 to $5,600 from $5,800 to $6,000. Both ranges came down by $400 at each end.
In February, Wells Fargo raised its 2026 gold target to $6,100 to $6,300. Gold was trading near $4,961 at the time. The bank was calling for 23% to 27% upside by year's end.
The argument was straightforward: Lower interest rates were coming, central banks were buying, and gold had structural support, as TheStreet reported. Related: UBS revamps gold price target for the rest of 2026 That case ran into a wall. Gold hit a record near $5,594 in January, then pulled back hard.
The Federal Reserve turned hawkish. Treasury yields stayed elevated. By June, Wells Fargo cut the 2026 target to $5,300 to $5,500.
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