"We're in the 4th debasement cycle that started in 2022," wrote Wells Fargo Securities' Ohsung Kwon.
Get this delivered to your inbox, and more info about our products and services.
The precious metal could rise to a price between $8,000 and $8,500 an ounce, the bank said.
The bank is hiking its 2026 year-end price target for the yellow metal after the drawdown.
The Wall Street investment bank said it remains bullish on gold, "with a short-/medium-term target of US$4,000/oz."
JPMorgan has found evidence that the market is already worried about central bank independence, with gold futures showing signs…
Futures tied to the precious metal hit a high of $4,530.80 per ounce on Tuesday — the first time it ever traded above $4,500.
Despite recent choppiness, several factors led the bank to lift its 2026 outlook.
