Analysts at American financial giant Wells Fargo believe that global gold prices could rise to $5,800–$6,000 per troy ounce by late 2027. According to their assessments, the risk-return ratio for the precious metal has significantly improved, making it even more attractive to investors. A sustained upward trend is expected in the near term, with the bank forecasting that gold will reach $5,300–$5,500 per ounce by the end of this year.
Key drivers for this increase in gold prices include strong demand from global central banks, aggressive growth in government debt from the world’s largest economies, persistent inflation risks, and global geopolitical uncertainty. In this environment, investors are likely to continue using gold as their primary safe-haven asset. Historically, the metal has demonstrated extraordinary appreciation: from the end of the last century to 2025, its price has increased twelvefold, outpacing all other major metals.
In this context, the Bank of Russia has significantly reduced its gold reserves. As of July 1, 2026, the regulator’s reserves have dropped to 73.4 million troy ounces (approximately 2,283 tons), marking the lowest level since February 2020. Since the beginning of the year, the Russian central bank has sold 43.5 tons of the precious metal, marking its largest gold sale since 2002.
