Gold Prices Surge Amid Profit-Taking and Weakening US Dollar
Gold prices saw a significant increase on August 28, 2026, compared to August 19. The price of Mi Hong gold rose by as much as 7.8 million VND/ounce, while gold rings sold for a high of 152 million VND/ounce. World gold prices also returned above $4,600 USD/ounce.
According to Jim Wyckoff, an expert at American Gold Exchange, the market is experiencing moderate profit-taking pressure from short-term investors, but the selling pressure is not too strong due to the weakening US dollar. The market is limiting large positions ahead of Federal Reserve Chairman Kevin Warsh's key speech at the Jackson Hole conference.
The previous day saw a sharp drop in gold prices, with spot gold falling 1.4%, its sharpest daily decline in about a week. However, investors are awaiting signals from Kevin Warsh's speech on Friday, which is seen as the most important event for the gold market in the short term.
Earlier this week, gold rose to its highest level since mid-May due to concerns that the purchasing power of the US dollar might weaken following the US Treasury's move to increase its buyback of previously issued long-term bonds. The latest data shows that US PCE increased 3.7% year-on-year in July, maintaining the same level as in June.