Gold prices were hovering around $4,796 per ounce early Thursday, but Wells Fargo modelled a bull case scenario predicting the precious metal's price surging to $8,000 per ounce by the end of 2027.
Gold prices have rallied hard since last year until the onset of the Middle East war in late February, with gold futures falling nearly 11% in March—their worst monthly decline since June 2013. However, Wells Fargo believes the ongoing debasement trade of central banks selling fiat currencies for an alternative safe haven could buoy gold prices to new highs.
