Wells Fargo Raises Year-End Gold Target
In a mid-year outlook webinar published on June 18, 2026, Wells Fargo stated that its year-end target for gold was raised to $5,300-$5,500 per ounce. The bank's strategists expect prices to climb further to between $5,800 and $6,000 by the end of 2027.
Long-Term Outlook Despite Short-Term Risks
Sameer Samana, Head of Global Equities and Real Assets Strategy at Wells Fargo, said the bank maintains a long-term bullish outlook for gold. He noted that there remains a risk that prices could fall below $4,000 per ounce.
Structural Drivers Cited
The bank argues that forces driving the current rally are structural rather than cyclical. Wells Fargo cites persistent inflation pressures, rising government debt, and elevated geopolitical uncertainty as factors supporting gold prices through 2027. The bank described these elements as continuing to support the precious metal over the specified period.
Central Bank Reserve Diversification
In the webinar, Sameer Samana stated that central banks are increasingly seeking assets other than U.S. Treasuries and cash to park their reserves amid global uncertainty. Wells Fargo views gold as one of its highest-conviction investment ideas based on the view that it serves as an additional diversifier for investors.
Market Context
The outlook comes as gold continues to recover from a sharp correction after posting strong gains over the past two years, culminating in a record high in January. According to Kitco News reporting on the matter, current prices still represent an attractive entry point for investors looking to build a position.