Gold's Risk/Reward Shifts in Investors' Favor Despite Rate Concerns, Says Wells Fargo

Samana warned of near-term downside to $3,500 but stressed that eventual economic slowdown will prompt rate cuts and renewed gold support. Wells Fargo keeps its long-term targets at $5,300-$5,500 by end-2026 and $5,800-$6,000 by end-2027, viewing gold as valuable portfolio insurance with modest historical drawdowns.