Wells Fargo raises 2026 gold price target to $6,300

Wells Fargo stated that the recent pullback in gold prices is a healthy correction following a significant previous rally, with spot gold prices having fallen more than 10% from the record high at the end of January. This is mainly due to profit-taking after gold prices surged over 30% above the 200-day moving average. The bank has raised its 2026 gold price target to $6,100 to $6,300 per ounce, citing reasons such as geopolitical risks, market volatility, and strong central bank demand.