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Wells Fargo increases gold price predictions in midyear update

Wells Fargo has revised its price expectations for gold in its midyear forecast published yesterday (Tuesday). The investment bank sees gold moving higher than its original expectations, with analysts now expecting gold to hit £1,488- £1,558 ($2,100-$2,200 per ounce in 2022. Its 2021 forecast has gold prices hitting around £1,417 – £1,488 ($2,000-$2,100).

Its report also sets expectations that US GDP growth will hit around 5.3% in 2022, down from the 7% forecast for 2021, while inflation is expected to accelerate.

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