Gold price is heating up again. Wells Fargo now forecasts gold prices to soar between $4,500 and $4,700 per ounce by the end of 2026. Spot gold rose 0.3% to $4,127.12, hitting its highest since October 23. U.S. gold futures climbed to $4,133.20. Traders see a 64% chance of a Fed rate cut in December, with slowing jobs data and weak sentiment adding momentum. UBS also projects the strongest gold demand since 2011.