The Correlation Between Gold Price and Some Macroeconomic Factors in Vietnam Period 2018-2023

Abstract

This study is conducted with the goal of testing the correlation between the internal gold price and some macroeconomic factors in Vietnam. Based on the data set collected from January 2018 to December 2023, a multivariate linear regression model is applied to test the correlation between Vietnam gold price and independent variables in the research model. Independent variables included in the research model: Interest rate, inflation rate, USD/VND exchange rate, and VN-Index. The research results show that both interest rate and VN-Index are negatively correlated with the internal gold price while world gold price and USD/VND exchange rate are positively correlated with Vietnam gold price. However, the research results also show that the correlation between CPI growth rate with the internal gold price is not statistically significant.