Gold prices increased sharply

The precious metal rose nearly $11 an ounce at the close of US trading on safe-haven demand in the market and a weak US dollar.

Many investors are looking for a safe haven in gold after US presidential candidate Donald Trump "closely followed" Mrs. Hillary Clinton. The weakening of the USD is also the reason for supporting the price of gold to go up.

The market created momentum for the precious metal to surge and easily break the $1,285 threshold at the beginning of the US session. Then, technical buying pressure was triggered, causing the price to increase rapidly, at times approaching $1,295.

World gold price is still lower than domestic price by over 1.1 million VND per tael.

However, the price could not break this threshold and turned down slightly. At the end of the trading session in New York, the spot price increased by nearly 11 USD, standing at 1,287.8 USD. December contracts also closed the day at a high of 1,291 USD, up about 18.3 USD compared to the previous session.

The rally temporarily stalled in the Asian market this morning. As of 8am Hanoi time, each ounce was still hovering around $1,287, almost unchanged from the opening.

Based on the bank exchange rate, each converted world gold tael is currently worth about 34.7 million VND (excluding taxes, fees, processing...). Meanwhile, the closing price of domestic gold bars is around 35.82 - 35.88 million VND, which is about 1.1 million VND per tael higher than the world price.

Investors are now focused on the Federal Open Market Committee (FOMC) meeting, which will take place on two days and end this afternoon. Other important news that will have a big impact on the gold market is the Bank of England's policy meeting on Thursday and the US employment reports on Friday.

According to VNE