[TD Securities: Warsh's hawkish turn will hit gold prices in the short term and may fall to $4,200 per ounce before the end of the year] On September 1, Federal Reserve Chairman Warsh's hawkish attitude towards the Fed's interest rate policy affected the upward trend of gold. Bart Melek, head of commodity research at TD Securities, recently pointed out that this stance may have a significant negative impact on gold in the short term. Melek's latest analysis said that the market interpreted this as the Fed is more likely to raise policy interest rates in September and December, which is very different from expectations before Warsh's speech. This speech also caused short-term interest rates to rise and the dollar to strengthen, causing gold prices to fall. He emphasized that traders had pushed up gold prices as financial conditions eased due to the recent U.S. Treasury Department intervention in long-term interest rates in the U.S. bond market. As a result, gold prices are likely to give back some of their recent gains and fall to the lower end of the $4,200 to $4,700 per ounce trading range by the end of the year. However, he also added that once inflation stabilizes, the Fed will be confident in gradually lifting its tightening policy to achieve its full employment goal, thus supporting TD Securities' gold price target for Q3 2027, which is for international gold prices to rise to $5,350 per ounce.