Is gold an inflation hedge in Vietnam? A non-linear approach

This paper investigates the inflation-hedging ability of gold in Vietnam from 2011 to 2022. In order assess how government management has affected domestic market, two local prices (SJC and 9999) were employed. The non-linear autoregressive distributed lags (NARDL) approach is applied analyze short- long-run asymmetry between CPI prices. result reveals that relationships are (asymmetric) can only hedge against inflation short run. Additionally, global price fluctuations, combined with limited supply, have created a supply shock, causing enterprises proactively widen bid-ask spread both types mitigate risks, indirectly exacerbating local-global disparities.