It seems that the frenzy to buy gold in Vietnam is becoming intense. Dozens of people are reportedly lining up in front of banks in Hanoi and Ho Chi Minh City. The Vietnamese central bank has started selling gold directly to state-owned banks, which is probably causing the rush.

What's interesting is the price movement. Vietnamese gold rose to $3,620 last month, but now it has fallen to $3,107. Since banks are selling at a 1.2% discount to the market price, everyone probably thinks this is a good buying opportunity. Amid rising geopolitical risks, there's a psychological tendency to want to purchase Vietnamese gold as an asset.

People who were interviewed also said that gold is a stable asset in the long term. In fact, even overseas, demand for gold is increasing as central banks seek to diversify their reserves. Analysts like Jim Rickards also predict that gold prices will continue to rise. The movement of Vietnamese gold might reflect the overall trend in the global gold market.