Wells Fargo: Gold Long-Term Bullish, Price Target Raised to $6,300

Gold Correction Seen as Healthy Trend

Gold prices recently dropped more than 10% from January highs, but Wells Fargo analysts believe it is a natural market correction after a significant rally.

Prior to this pullback, gold surged over 30% above its 200-day moving average, making short-term profit-taking expected. However, this does not alter the long-term positive outlook.

Price Target Raised to $6,300

• Escalating geopolitical risks
• Increased financial market volatility
• Central banks continue to accumulate gold reserves

With these factors in mind, Wells Fargo has raised its 2026 gold price forecast to a range of $6,100 to $6,300 per ounce, implying more than 20% upside potential from current levels.