Gold news for August 28, 2026

Gold prices have been volatile, initially dropping after Fed official Warsh signaled more work on inflation and possible further tightening, but then recovering with buyers stepping in. Meanwhile, UBS raised its gold target to $5,400 an ounce, citing de-dollarization trends, and broader flows into gold and Bitcoin suggest haven demand amid dollar concerns.

Updated 21:06 UTC

How the day unfolded

1. 00:06 UTC

   Gold has been trading in a $4,600-$4,700 range, recently testing $4,700 before pulling back. The metal is being supported by de-dollarization concerns, with UBS raising its gold target to $5,400, and by investor inflows driven by worries about a dollar crisis. However, high US inflation has reinforced expectations of hawkish Federal Reserve policy, which has pressured gold prices.

2. 18:06 UTC

   Gold has faced headwinds from hawkish Federal Reserve comments, with Kevin Warsh warning on inflation and hinting at more tightening, which prompted sell-offs. However, the metal has found support from buyers stepping in on dips, along with a de-dollarization narrative cited by UBS and a surge in safe-haven inflows amid dollar crisis concerns, leading to a volatile but underpinned market.

Headlines (14)

• $4700 tested as Gold pulls back but bullish potential remains intact
  www.fxstreet.com · Aug 26, 18:56 UTC
• Gold retreats after flirting with $4,700: buyers still hold the grip
  www.fxstreet.com · Aug 26, 18:56 UTC
• Gold’s glitter is here to stay as eyes turn to US inflation and Fed Chair Warsh
  www.fxstreet.com · Aug 26, 18:56 UTC
• XAU/USD Price forecast: Gold poised to extend its bullish run
  www.fxstreet.com · Aug 26, 18:56 UTC
• Gold tumbles as high US inflation supports Fed hawkish bets
  www.fxstreet.com · Aug 26, 19:58 UTC
• UBS backs de-dollarization trend, lifts gold target to $5,400 an ounce
  investinglive.com · Aug 26, 22:31 UTC
• Gold recovers $4,600, buyers unwilling to give up
  www.fxstreet.com · Aug 27, 17:53 UTC
• Investors just moved $7 billion into Bitcoin and gold in five days to escape an accelerating dollar crisis
  cryptoslate.com · Aug 27, 18:57 UTC
• Australian gold producer Westgold posts record underlying net profit of $480m
  www.miningweekly.com · 09:18 UTC
• Commodity weekly: From barrels to bushels and bullion as scarcity broadens the commodity rally
  www.home.saxo · 12:09 UTC
• First Mining Gold inks First Nations agreement
  www.northernminer.com · 13:59 UTC
• Gold and Silver Sink as Warsh Cites AI Boom to Justify More Fed Tightening
  goldsilver.com · 16:56 UTC
• Gold price drops as Warsh warns Fed still has ‘work to do’ on inflation
  www.mining.com · 17:10 UTC
• investingLive Americas FX news wrap 28 Aug
  investinglive.com · 20:42 UTC

Scheduled events

As of 21:06 UTC

• 2026-08-28 — Retail Sales y/y · CHF
• 2026-08-28 — KOF Economic Barometer · forecast 103.0 · CHF
• 2026-08-28 — FOMC Member Hammack Speaks · USD
• 2026-08-28 — Chicago PMI · forecast 57.9 · USD
• 2026-08-28 — Revised UoM Inflation Expectations · USD
• 2026-08-28 — Prelim Benchmark Payrolls Revision · USD
• 2026-08-28 — Revised UoM Consumer Sentiment · forecast 51.0 · USD
• 2026-08-28 — Fed Chairman Warsh Speaks · USD