Wells Fargo Cuts Gold Projections: Global Impact and Future Outlook

Recently, Wells Fargo adjusted its gold projections for 2026 to a range between $4,900 and $5,100 per ounce, down from the previous estimates of $5,300-$5,500. This revision does not negate the bank's overall bullish stance on precious metals. The cut reflects mainly the impact of elevated US real yields and regional divergences observed recently in the gold market. Nonetheless, Wells Fargo maintains a positive outlook, pointing to scenarios where Asian and central bank demand can offset this negative pressure. For 2027, new projections range between $5,400 and $5,600 per ounce, down from $5,800-$6,000 in the previous year. These adjustments reflect a complex mix of macroeconomic factors shaping the current gold market. Nonetheless, these revisions do not alter Wells Fargo's positive stance on gold, indicating potential uneven gains with US rate expectations being the key determinant.