Gold prices rose sharply.

The precious metal rose nearly $11 per ounce at the close of US trading due to safe-haven demand and a weak US dollar.

Many investors sought safe haven in gold after US presidential candidate Donald Trump closed the race closely with Hillary Clinton. The weakening of the US dollar also contributed to the rise in gold prices.

The market provided the impetus for the precious metal to surge, easily breaking through the $1,285 mark at the start of the US trading session. Subsequently, technical buying fueled a further rapid price increase, at one point approaching $1,295.

World gold prices remain more than 1.1 million VND lower per ounce than domestic prices.

However, the price failed to break through this level and turned slightly lower. At the close of trading in New York, the spot price rose nearly $11, standing at $1,287.8. December futures contracts also closed the day at a high of $1,291, up about $18.3 from the previous session.

The upward momentum temporarily stalled in Asian trading this morning. As of 8:00 AM Hanoi time, each ounce was still hovering around $1,287, virtually unchanged from the opening price.

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

Investors are currently focused on the two-day meeting of the Federal Open Market Committee (FOMC), which concludes this afternoon. In addition, other important events that will significantly impact the gold market include the Bank of England's policy meeting on Thursday and the US jobs reports on Friday.

According to VNE