Gold price forecast for 2026: Heading towards $4700/ounce

Gold prices are predicted to reach a new peak in 2026.

In its 2026 outlook report, Wells Fargo assessed gold as one of the few outstanding opportunities in the commodity market, with the potential to rise to $4,700 per ounce. This forecast is based on a number of supporting factors such as a weakening USD, loose monetary policy, and strong buying demand from central banks.

Wells Fargo experts say the economic landscape in 2026 will favor safe-haven assets as the low interest rate environment helps gold continue the upward trend it has been developing since 2025.

Wells Fargo assesses that gold continues to benefit from growing global demand. Central banks are increasing their purchases to diversify reserves, while a weakening USD is creating conditions for gold to accelerate its rise. The Fed is projected to cut interest rates further in 2026, contributing to a reduction in the opportunity cost of non-yielding assets like gold.

According to Wells Fargo, past Fed monetary easing cycles have typically led to a sharp rise in gold prices over the following 18 months. This reinforces the expectation that gold will continue its upward trend in 2026, although the rate of increase may be slower than in 2025.

Demand for gold from central banks remains strong as concerns about inflation and geopolitical risks persist. Wells Fargo suggests that the stability of the USD and the downward trend in interest rates will support inflows into ETFs, further bolstering the gold market.

Experts also forecast gold to rise by 5.8% to 10% in 2026, with a target price range of $4,500 - $4,700 per ounce.

The investment outlook for gold from Wells Fargo's perspective.

Wells Fargo suggests investors should adjust their portfolios to benefit from the lower interest rate environment in the short term. “The monetary landscape is supporting income generation and selective risk-taking… Commodities, particularly gold and precious metals, can be safe havens amid geopolitical risks and persistent inflation.”

In an interview with Kitco News, Sameer Samana, Director of Global Equity and Real Assets at Wells Fargo Investment Institute, affirmed that the upside potential for gold remains very strong.

He said, "Nothing is harmed in the uptrend… There may be a short consolidation phase, but whether the Fed cuts interest rates in December or January, it will still cut rates."

Samana suggested that as President Trump continues to appoint new personnel, the Fed will become more dovish. He said, “It looks like Kevin Hassett is the leading candidate… and he may want to bring interest rates down to around 2%. When interest rates, especially real interest rates, fall, gold will be more supported.”

He also predicted that the USD would weaken over the next year: “The USD index has fallen from 110 to 96 and has only recovered 3–4%. Over the next twelve to fifteen months, the USD could trade sideways or weaken further.”

Wells Fargo believes that global equities, particularly AI stocks, are losing their role as a risk-diversifying investment channel. Meanwhile, gold is becoming a reliable alternative asset as inflation is unlikely to fall significantly and the Fed continues to lower interest rates.

Crypto was once seen as a diversification option but has lost its appeal in the last 6–12 months. Samana argues that gold has proven to hold its value better, maintaining a superior trend compared to stocks when compared in terms of gold value from 2021 to the present.

Wells Fargo's 2026 gold price forecast paints an optimistic picture with several long-term supporting factors. Gold continues to be an effective hedge and has growth potential thanks to softer monetary policy, a weaker USD, and sustained demand from both institutional investors and central banks.