Wells Fargo Expects Gold Price To Be Above $6000 by 2027
Wells Fargo raised its current year's gold price action target to around $5,300-$5,500 and sees prices might reach above $6,000 by 2027, citing persistent inflation, rising fiscal deficits, and geopolitical uncertainty as structural drivers that will continue supporting the precious metal.
Wells Fargo delivered a bullish outlook for gold this week, raising its current year's gold price action target to around $5,300-$5,500 per ounce and projecting a climb to somewhere above $6,000 by the end of next year.
Speaking during the bank's mid-year webinar, Sameer Samana, Head of Global Equities and Real Assets Strategy, acknowledged short-term risks, such as how gold could dip below $4,000, but emphasized that the reasons behind the current rally are kind of structural, not cyclical.
Spot gold last traded around $4,300, and briefly moved below it today. Prices remain down more than 20% from their record highs, a correction that Wells Fargo views as an attractive entry point. "We firmly believe that gold is that additional diversifier," Samana said.
CIO Darrell Cronk believes 2026 to be the year shaped by "geology, geography, and international relations" pointing to the ongoing war in the Middle East and other regions, and reinforcing global competition for the same physical resources. These trends, he argued, are defining the world's investment mechanism, and might possibly boost demand for hard assets such as gold itself.
On inflation, Wells Fargo predicts there may be some kind of moderation in the rest of this year, but sees no possibility to come back to the environment of lower inflation that existed years ago. Tariffs, elevated energy costs, and surging AI-related infrastructure demand are keeping upward pressure on prices.
This inflation outlook underpins the bank's skepticism that Treasury yields will decline meaningfully. "I think the market has gotten interest rates wrong for some time now," Cronk said, noting that inflation premiums and growth predictions all point to high yields. Samana framed gold as one of the bank's highest-conviction ideas. He believes politicians will always choose the path of least resistance, which makes gold remains an attractive asset.