Wells Fargo Investment Institute lowered its 2027 year-end gold price target to $5,200-$5,400 per troy ounce from $5,400-$5,600 and revised its currency forecasts for further U.S. dollar strength through 2027. It reduced its dollar/euro target to $1.10-$1.14 from $1.17-$1.21, raised its yen/dollar target to ¥160-¥164 from ¥158-¥162, and lifted its ICE U.S. Dollar Index target to 100-104 from 95-99. The institute expects the Federal Reserve to deliver a full percentage point more in rate increases through 2027, while the European Central Bank and other developed-market central banks hold rates steady or cut them as earlier tightening slows growth. Higher rates and a stronger dollar could weigh on gold, which does not pay interest, but recovering central-bank purchases, positive gold exchange-traded fund flows, geopolitical concerns, fiscal and budget issues, currency debasement and market uncertainty could support demand. Wells Fargo also said geopolitical risk and business technology spending could intensify inflation pressure, while higher borrowing costs, weaker purchasing power, elevated fuel expenses and fading fiscal support slow U.S. and global growth.