Vietnam Gold Prices Rise Aug 18: SJC, PNJ, DOJI Track Global Surge

Overview

Domestic gold bar and ring prices in Vietnam rose across major retailers on August 18, following a sharp increase in international gold prices that broke above $4,400 per ounce. SJC, DOJI, PNJ, Bảo Tín Minh Châu, Bảo Tín Mạnh Hải, and Mi Hồng all adjusted their quoted prices upward, reflecting global market dynamics.

Key Facts

• Gold bar prices at DOJI, PNJ, SJC, and Bảo Tín Mạnh Hải ranged from 141.8 to 144.8 million VND per tael on August 18.
• Mi Hồng gold shop quoted gold bars at 142.0–143.5 million VND per tael.
• SJC listed gold rings at 141.3–144.3 million VND per tael; PNJ at 141.2–144.7 million VND; DOJI at 141.8–145.6 million VND.
• Bảo Tín Minh Châu quoted gold rings at 141.8–145.7 million VND per tael.
• International spot gold surged past $4,400 per ounce on August 17, reaching $4,428 per ounce.
• The buy-sell spread for gold bars and rings was 3–4 million VND per tael.

What Happened

On the morning of August 18, Vietnamese gold retailers raised their quoted prices for gold bars and rings by 0.6–0.7 million VND per tael, according to the source article. The adjustments were widespread, affecting major brands such as SJC, DOJI, PNJ, Bảo Tín Minh Châu, Bảo Tín Mạnh Hải, and Mi Hồng. For example, Mi Hồng increased its gold bar price by 500,000 VND per tael at the start of the morning session.

The price moves tracked a strong rally in international gold prices. Spot gold rose sharply on August 17, breaking above $4,400 per ounce and reaching $4,428 per ounce. The article cites Kitco News, attributing the rally to a weaker US dollar and reduced expectations of further Federal Reserve rate hikes, despite higher oil prices and rising Treasury yields.

The article notes that US economic data—including weaker retail sales, cooling CPI, flat PPI, and softening consumer sentiment—have led markets to lower expectations for a September rate hike. However, the Empire State survey showed a strong business conditions index, adding complexity to the outlook.

Market Context

PNJ, listed on HOSE, closed at 36,200 VND on August 17, 2026, according to the price-context block. The gold price increase is likely to support gold retailers’ revenue and margins, as they benefit from higher gold prices. However, the wide buy-sell spread of 3–4 million VND per tael suggests that retail demand may remain cautious, as buyers face significant premiums. The Vietnamese gold market is also influenced by global factors, including US monetary policy and geopolitical risks such as tensions in the Strait of Hormuz.

Strategic Significance

For long-term investors, the sustained rise in gold prices underscores the importance of gold as a hedge against inflation and geopolitical uncertainty. PNJ, as a leading gold retailer, is well-positioned to benefit from higher gold prices, but its profitability depends on retail demand and inventory management. The wide spreads indicate that the market is still adjusting to the new price levels, and any reversal in global gold prices could impact domestic prices and retailer margins. Investors should monitor PNJ’s quarterly earnings to assess how the company is navigating this environment.

What to Watch

• PNJ’s Q3 2026 earnings release, expected in October, to gauge revenue and margin impact.
• Federal Reserve’s July meeting minutes and any signals on future rate hikes.
• US PMI data scheduled for release on Friday, which could influence gold prices.
• Developments in the Strait of Hormuz and their impact on oil prices and inflation expectations.
• Domestic gold demand trends, as indicated by the buy-sell spread and retail sales data.