The same hawkish repricing (September hike odds ~58% after Warsh) lifts real yields and the dollar — a direct near-term headwind for gold, whose August surge was partly built on rate-cut expectations that are now unwinding. GLD just reversed sharply, dropping ~3% in a single session from its ~428 peak to ~409, breaking the parabolic uptrend. I call DOWN for the week despite the constructive multi-month backdrop.