The Relationship between Global Crude Oil Prices, Domestic Gold Prices, and Vietnam Stock Market in the Period 2010-2022

Abstract

Many factors, including gold prices and crude oil prices, influence the stock market. This study examines and evaluates the impact of global crude oil prices and domestic gold prices on Vietnam's stock market. Research results show that the global crude oil prices have an inverse relationship with stock prices - with a β coefficient of –0,317, and the domestic gold prices have a proportional relationship with stock prices - with a β coefficient of 0,547. The findings supplement the theoretical basis of the efficient market and efficient market hypothesis theory. In addition, the research results also emphasize the roles of global crude oil prices and domestic gold prices on the stock market of Vietnam, thereby proposing recommendations to help organizations and individuals predict future trends and investment direction on the stock market in the short and long term.