Wells Fargo Investment Institute lowered its gold price forecasts again, cutting its end-2026 target range to $4,900-$5,100 an ounce from $5,300-$5,500 and its end-2027 range to $5,400-$5,600 from $5,800-$6,000. The latest move marks the bank's third downward revision this year after its February 2026 call for $6,100-$6,300 by end-2026. Eamonn Sheridan described the change as a "precision calibration" rather than a reversal of Wells Fargo's constructive stance on precious metals. The institute said the earlier thesis that the Federal Reserve would cut rates and central banks would keep building reserves did not play out, leaving gold pressured by elevated real yields and a stronger dollar. Spot gold traded around $4,397 an ounce on Aug. 18, according to CNBC. Wells Fargo said international demand, especially during Asian trading hours, and renewed central bank accumulation in the second quarter have helped provide a floor for prices, but the path higher will depend heavily on US monetary policy.