Vietnam Gold Prices Surge Aug 11: SJC, PNJ, DOJI Up 1.4-1.8M VND

Overview

Domestic gold prices in Vietnam surged on the morning of August 11, with gold bars and rings rising 1.4-1.8 million VND per tael across major brands including SJC, PNJ, DOJI, and Bao Tin Minh Chau. The increase follows a rise in global spot gold, which traded around $4,416 per ounce. This move affects listed jeweler PNJ (HOSE) and unlisted peers SJC and DOJI, reflecting strong bullion demand and pricing dynamics.

Key Facts

• Gold bars at SJC, PNJ, DOJI, and Bao Tin Minh Chau were quoted at 142.5-145.5 million VND/tael (buy-sell), up 1.4 million VND per tael from the previous close.
• Gold rings rose up to 1.8 million VND/tael, with DOJI recording the largest increase: buy up 1.8 million VND and sell up 1.6 million VND, to 142-145.8 million VND/tael.
• PNJ listed gold rings at 141.5-145.4 million VND/tael, up 1.5 million VND (buy) and 1.4 million VND (sell).
• Bao Tin Minh Chau had the highest ring prices in the survey: 142.4-146.4 million VND/tael.
• Global spot gold traded around $4,416/oz at the start of the Asian session, up 0.63%, after gaining over 1.1% the previous day.
• The survey was conducted at 9:30 AM on August 11, 2026, covering five major gold retailers.

What Happened

At 9:30 AM on August 11, domestic gold prices in Vietnam extended their rally, with gold bars and rings rising sharply across major retailers. According to the survey, gold bars at SJC, PNJ, DOJI, and Bao Tin Minh Chau were uniformly quoted at 142.5-145.5 million VND/tael, up 1.4 million VND per tael on both sides. Bao Tin Minh Chau’s buy price was slightly lower at 142.4 million VND, with sell at 145.5 million VND.

For gold rings, price increases were more pronounced. DOJI led the gains, with buy up 1.8 million VND and sell up 1.6 million VND, reaching 142-145.8 million VND/tael. PNJ’s rings were quoted at 141.5-145.4 million VND/tael, while SJC listed 142-145 million VND/tael. Bao Tin Minh Chau had the highest ring prices in the group, at 142.4-146.4 million VND/tael. The moves tracked a rise in global spot gold, which traded around $4,416 per ounce, up 0.63%.

Market Context

PNJ, listed on HOSE, closed at 36,000 VND on August 11, up 1.25% on volume of 504,400 shares, suggesting positive market reaction to the gold price rally. The broader Vietnamese gold market has been volatile, with domestic prices often trading at a premium to global prices due to supply-demand imbalances and regulatory scrutiny. The sharp increase in gold prices could boost PNJ’s revenue from gold trading, but may also compress margins if input costs rise faster than selling prices. SJC, though not listed, remains a key benchmark for gold bars.

Strategic Significance

For long-term investors, the sustained rise in gold prices underscores the importance of PNJ’s dual business model: jewelry retail and gold trading. While higher gold prices can inflate revenue, profitability depends on the spread between buying and selling prices and inventory management. PNJ’s ability to adjust prices quickly, as seen in this survey, indicates operational flexibility. However, prolonged price volatility may deter discretionary jewelry purchases, shifting demand toward investment-grade gold products. Investors should monitor PNJ’s quarterly earnings to assess margin trends and inventory gains.

What to Watch

• PNJ’s Q3 2026 earnings release, expected in October, for revenue and margin impact.
• Global gold price movements, particularly any break above $4,500/oz, which could trigger further domestic price hikes.
• Regulatory actions by the State Bank of Vietnam regarding gold market management, which could affect price spreads.
• PNJ’s monthly sales data for August and September to gauge consumer demand amid high prices.
• Competitor pricing strategies, especially DOJI’s aggressive adjustments, which may impact market share.