Gold prices have recently experienced a healthy correction following a substantial increase, according to Wells Fargo. Spot gold has fallen over 10% from its record high at the end of January, primarily due to profit-taking after a 30% rise above the 200-day moving average. According to Jin10, Wells Fargo has raised its 2026 gold price target to between $6,100 and $6,300 per ounce, indicating a potential increase of over 20%. The bank cites geopolitical risks, market volatility, and strong central bank demand as key factors driving this forecast.