Wells Fargo Raises Year-End Gold Target to $5,300–$5,500 on Mid-Year Outlook

According to Wells Fargo, on Tuesday the bank raised its year-end gold target to $5,300–$5,500 an ounce, and expects prices to climb further to $5,800–$6,000 by the end of 2027. The bank's strategists argue that forces driving gold's rally are structural rather than cyclical, suggesting the bull market has room to run.

Wells Fargo maintains gold as one of its highest-conviction investment ideas, citing persistent inflation pressures, rising government debt, and elevated geopolitical uncertainty as key supportive factors through 2027. Spot gold last traded at $4,357.10 an ounce, down more than 20% from its record high in January.