The Vietnamese stock market is under selling pressure despite good prospects. While gold and US stock prices are rising and hitting record highs, the VN-Index has fallen from the 1,100 point peak set 16 years ago.

Governor of the State Bank of Vietnam Nguyen Thi Hong said it is reasonable due to restricted supply according to the country’s policy to restrict gold supply sources with an aim to fight  dollarisation and goldisation in the domestic economy

The price gap between selling and buying prices of gold is widening, causing big losses for buyers.

Due to the unusual fluctuations in gold prices, gold trading enterprises expanded the gap between buying and selling prices to nearly VND2.6 million per tael (1.2 ounces) on July 19.

Following securities and cryptocurrency shocks, investors are now worried as gold prices have been falling.

The controversy about gold market management appears to be coming to an end.

The gap between the gold price in the domestic and global market has hit the highest level in years due to a restricted supply and rising local demand.

The opening trading session of August 11 saw the price of domestic gold endure a sharp fall and is now hovering around VND56 million per tael following a series of consecutive increases over the past few days.

Many analysts think now is a good time for investors looking for acquisitions in the property industry to act since difficulties caused by the Covide-19 pandemic have thrown up opportunities.

Gold prices soared near VND57 million (US$2,486) per tael (1.2 ounces) on the local market on first day of the week while the yellow metal also made its history in prices, hitting an all-time high.

Domestic gold prices soared to a record nine-year high on the morning of July 9 after climbing to VND50.4 million per tael for the first time.

Gold prices went up in both global and local markets on March 24 when the gap of the prices between the two markets narrowed.

This year’s God of Wealth Day (February 3) saw fewer gold buyers than previous years due to fears of new coronavirus (nCoV).

Gold prices declined on Tuesday after touching a four-month high, but the uptrend is unlikely to stop.

Local gold prices hit a two-year high on June 21 as the global market continued to heat up.

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 VietNamNet Bridge – Vietnam consumed around 110 tons of gold in 2013, higher than previous years, despite global gold prices falling steadily and less gold sales points in the country, according to a source from the World Gold Council.

Though domestic gold prices crashed by VND850,000 per tael compared to late last week, buying power declined sharply on Monday after the central bank has announced to continue supplying gold for the market.

 VietNamNet Bridge – A three-year-old low in New York gold prices has provoked a rush for the precious metal in Viet Nam, sparking a price surge last weekend.