Wells Fargo raises its 2026 gold target price to $6300

Fuguo Bank stated that the recent correction in gold prices is a healthy correction after a significant increase, with spot gold prices falling more than 10% from their record high at the end of January, mainly due to profit taking after gold prices rose more than 30% from the 200 day moving average. The bank has raised its 2026 gold target price to $6100 to $6300 per ounce, citing geopolitical risks, market volatility, and strong central bank demand.