Adds forecasts and inputs from Wells Fargo Investment Institute
Feb 4 (Reuters) - Wells Fargo Investment Institute (WFII) has raised its end-2026 gold price target to $6,100–$6,300 an ounce, citing expectations of lower short-term interest rates and sustained central bank demand, it said in a note on Wednesday.
The bank had previously projected year-end prices in a range of $4,500–$4,700.
Spot gold is currently trading around $4,920 per ounce after touching a record high of $5,594.82 on January 29. Prices have gained about 14% so far this year after rising over 64% last year.
"The prospect for lower short-term interest rates and the potential to hedge against accelerating policy surprises prompt us to raise our 2026 gold target," WFII said, adding that such conditions should encourage further central-bank buying.
However, WFII noted that central-bank purchases slowed in 2025 even as retail buying surged, especially into exchange-traded funds.
Historically, retail investors often include speculators who may sell quickly on headlines, the bank said. Spot gold fell 9% in a single session on January 30 after news emerged about a nominee for the chair of the U.S. Federal Reserve.
Following is a list of analysts' latest gold price forecasts (in $ per ounce):
Brokerage/Agency | Annual Price Forecast | Price Targets | Forecast as of |
2026 | |||
Wells Fargo Investment Institute* | Expects $6,100-$6,300 by end of 2026 | February 4, 2026 | |
J.P. Morgan | $6,300 | Expects prices reaching $6,300 by 4Q26 | February 2, 2026 |
UBS | - | Raises target to $6,200 for March, June, and September 2026 | January 29, 2026 |
Deutsche Bank | $5,500 | $6,000 in 2026 | January 26, 2026 |
- | $6,000 by the end of 2026 | January 26, 2026 | |
$4,600 | Bull case is $5,700 for second half of 2026 | January 23, 2026 | |
Goldman Sachs | - | $5,400 by December 2026 | January 22, 2026 |
Citi Research | $5,000 | Raises 0-3 month price target to $5,000 | January 13, 2026 |
$4,587 | $4,450 by year-end 2026 | January 8, 2026 | |
ANZ | $4,445 | $4,400 by year-end and $4,600 by June 2026 | October 16, 2025 |
Bank of America | $4,438 | 2026 gold outlook raised to $5,000 | October 13, 2025 |
Standard Chartered | $4,488 | - | October 13, 2025 |
Commerzbank | $4,900 | $4,800 by mid-2026 | January 13, 2026 |
*end-of-period forecasts
(Reporting by Sarah Qureshi in Bengaluru. Editing by Mark Potter)
((SarahS.Qureshi@thomsonreuters.com;))
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