Wells Fargo has revised its 2026 year-end gold price target for the rest of the year, up from its previous forecast of $4,500-$4,700. The bank's move represents a 35% increase across the band and suggests an upside of roughly 38% to 43%. The bank made its decision when gold was still trading near $4961, and since then, it has since fallen further, widening the gap between current prices and the target. Key factors include lower short-term interest rates reducing the opportunity cost of holding a non-yielding asset like gold, continued central bank buying creating structural demand, and increased demand for gold as a portfolio hedge. The People's Bank of China extended its gold buying streak to 15 consecutive months, with holdings rising to 74.19 million ounces.