Wells Fargo Ups Gold Forecast to $6,300 by 2026 Amid Global Shifts

• Wells Fargo Investment Institute significantly raised its gold price forecast for the end of 2026 from $4,500-$4,700 to $6,100-$6,300 per ounce.
• This upgrade reflects a 35% to 40% increase, indicating a shift by large institutions towards gold due to currency stability concerns and geopolitical risks.
• Other major banks like JP Morgan, UBS, Deutsche Bank, and Société Générale also predict gold prices of $6,000 or more by the end of 2026.
• The Chinese central bank continued its gold purchases for the 15th consecutive month, holding 74.19 million ounces.
• Wells Fargo noted a decrease in central bank purchases and an increase in retail purchases, particularly in ETFs, for 2025.