Gold fell below $4,000 to hit a new low for the year, silver fell below $60, and the U.S. dollar index surged to 101.50, hitting a new high since May 2025. The market has factored in expectations for the first two interest rate hikes in Q1 of 2027, and the SPDR gold ETF saw a net outflow of nearly US$1 billion this month, the largest four-month outflow since 2013. Warsh's first FOMC meeting strengthened the hawkish stance, and gold's safe-haven properties gradually failed. There is short-term pressure, but the long-term logic of fiscal deficit and de-dollarization has not changed. It is recommended to build positions in batches at US$3,800-4,000.