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 raised its forecasts for U.S. dollar strength, citing expectations for more aggressive Federal Reserve rate increases. The institute also downgraded information technology to neutral from favorable, upgraded industrials to favorable from neutral and raised leveraged loans to neutral from unfavorable. It expects geopolitical risk and business technology spending to add to inflation pressure, while higher borrowing costs, weaker purchasing power, elevated fuel costs and fading fiscal support slow U.S. and global growth. Despite tighter policy and a stronger dollar weighing on gold, Wells Fargo expects recovering central-bank purchases, positive gold exchange-traded fund flows, geopolitical concerns, fiscal and budget issues, currency debasement and market uncertainty to support the metal's longer-term uptrend.