According to a research note from BOC International, the nomination of Kevin Warsh by Donald Trump for the new Federal Reserve Chair triggered a sharp sell-off in the precious metals market, causing gold prices to plummet over 21% in just two days from a historic peak of $5,600 per ounce. The bank maintains that the core investment thesis of gold as a genuine safe-haven asset and an alternative to U.S. dollar-denominated assets remains valid. Regardless of the final appointment for the new Fed Chair, the United States is anticipated to implement interest rate cuts by 2026. BOC International has reiterated its "Overweight" rating on China's gold industry and projects that the 2026 average gold price forecast of $4,800 per ounce still possesses upside potential. Shandong Gold (01787) and Zhaojin Mining (01818) continue to be the bank's top picks, both rated "Buy," with target prices of HK$52.06 and HK$44.78, respectively.