Gold Prices Plummet Below $4,600 Amid Rising Inflation Concerns
Gold prices took a sharp turn downward on August 28, 2026, reversing their previous trend and potentially signaling a market reversal. However, the $5,000 price scenario is still being considered.
The gold price had been fluctuating throughout the day, falling in the morning before rising again in the early afternoon, only to fall once more by the end of the day. The buy-sell spread for SJC gold bars was at 3 million VND/ounce, while the spread for gold rings ranged from 3 million to 4 million VND/ounce.
As of August 27th, the price of SJC gold bars in Vietnam had reversed its trend, falling by 400,000 VND/ounce compared to the beginning of the afternoon session. The price was listed at Saigon Jewelry Company (SJC), Bao Tin Minh Chau, Bao Tin Manh Hai, Phu Quy, and PNJ.
Global gold prices had also fallen sharply, dropping below $4,600 per ounce due to higher-than-expected US PCE inflation data. This pushed Treasury bond yields and the US dollar higher, prompting profit-taking in the precious metals market ahead of earnings reports from tech giant Nvidia and a speech by the Federal Reserve Chairman at the Jackson Hole Conference.
According to Gary Wagner, CEO of Wagner Financial Corp., gold prices have formed an 'Evening Star' candlestick pattern, a signal often seen as warning of a potential bearish reversal. However, he noted that this pattern still needs further confirmation before it can be considered a formal reversal signal.
The $5,000 gold price target is back in sight due to concerns about increasingly uncontrollable public debt returning to the forefront of financial markets. Aakash Doshi, Head of Gold Strategy at State Street Investment Management, believes that investors shouldn't just look at the next price milestone and that '10,000 per ounce is no longer simply a distant prospect; it's primarily a question of timing.'