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It seems that the rush to buy gold in Vietnam is turning into something interesting. Investors are flooding into banks in Hanoi and Ho Chi Minh City, and long lines are forming to purchase gold bars. Since state-owned banks have started direct sales, everyone seems to have moved all at once.
Vietnam's gold prices are in a somewhat complicated situation. Last month, the price rose to $3,620 per tael (37.5 grams), but then dropped to $3,107. Banks are allowed to sell at a 1.2% discount compared to market prices, which probably explains the buying frenzy. The depreciation of the Vietnamese dong also seems to be boosting demand.
What’s interesting is that everyone believes gold prices will remain stable in the long term. Due to geopolitical tensions and the trend of central banks diversifying their reserves, global demand for gold is also increasing. Analysts predict that gold prices could rise even further. Vietnam is likely riding this wave as well.