Wells Fargo raised its gold price target to $6,100 to $6,300 per ounce, up from $4,500 to $4,700, anticipating a 23% to 27% increase. Tech and AI stocks have suffered losses, with software stocks plummeting over 15%. Billionaire Ray Dalio remains bullish on gold despite recent price fluctuations.

Gold prices have seen significant fluctuations, reaching a record high of $5,595/oz. before dropping to $4,404/oz. Central bank activity continues to support gold demand, with 863 tonnes bought in 2025. Policy uncertainty and potential rate cuts are boosting gold’s appeal as a safe-haven asset.

Central banks remain key buyers of gold, with China’s PBOC adding 1.2 tonnes in January 2026, continuing a 15-month buying trend. Despite market volatility, gold’s demand remains strong, with central banks accounting for a quarter of global demand in 2022-2023. Wells Fargo’s revised gold price target reflects confidence in gold’s resilience amid evolving macro conditions.

Read more at Yahoo Finance: Top bank revamps gold price target for rest of 2026