Wells Fargo Reiterates Bullish Precious Metals View, Eyes Gold at $4,900 in 2026

Wells Fargo analysts note gold is rebounding on lower Fed rate-hike expectations and persistent buying from Asian investors and central banks. They forecast an additional 11% gain by year-end after a more than 7% surge in early August and stabilizing ETF flows. Despite pressure from higher real yields since March, the bank highlights resilient demand in the first half of 2026, with gold up 13% during Asian trading hours and central-bank purchases rebounding in the second quarter. The firm keeps its constructive stance on precious metals but trimmed targets to 4,900–5,100 dollars per ounce by end-2026 and 5,400–5,600 in 2027. Strategist Sameer Samana argues near-term downside to 3,500 may already be priced in, while longer-term upside is supported by eventual policy easing.