Vietnam Gold Prices Rise Aug 18: SJC, PNJ, DOJI Rates, Global Spot Above $4,400

Overview

Domestic gold prices in Vietnam rose slightly on the morning of August 18, with SJC gold bars and plain gold rings trading around 141.2–145.5 million VND per tael across major retailers including SJC, DOJI, PNJ, Bảo Tín Minh Châu, and Bảo Tín Mạnh Hải. The uptick follows international spot gold surging above $4,400 per ounce, supported by a weaker US dollar and reduced expectations of further Fed rate hikes. For PNJ (HOSE), a leading gold and jewelry retailer, the price movement is a key revenue driver.

Key Facts

• SJC gold bars were quoted at 141.2–144.2 million VND per tael at major enterprises on August 18.
• Tiệm vàng Mi Hồng raised its gold bar price by 500,000 VND per tael to 141.8–143.3 million VND per tael.
• Plain gold rings: SJC at 140.7–143.7 million VND/tael; Bảo Tín Minh Châu at 141.5–145.5 million VND/tael; DOJI at 141.2–145.2 million VND/tael.
• International spot gold traded at $4,428 per ounce on the evening of August 17, surpassing the $4,400 mark.
• US 10-year Treasury yields rose to nearly 4.73% as crude oil prices jumped, creating a tug-of-war for gold.
• The Empire State survey showed business conditions index at 20.6, a four-year high, while prices paid rose to 58.6.
• PNJ shares closed at 36,200 VND on August 17, 2026, on the HOSE.

What Happened

Domestic gold prices in Vietnam edged higher on the morning of August 18, tracking a global rally that pushed spot gold above $4,400 per ounce. According to the article, SJC gold bars were listed at 141.2–144.2 million VND per tael at major retailers, while plain gold rings ranged from 140.7 to 145.5 million VND per tael depending on the seller. Tiệm vàng Mi Hồng increased its bar price by 500,000 VND per tael at the open.

The global move was driven by a weaker US dollar and fading expectations of a Fed rate hike in September, following softer US retail sales, cooling CPI, and flat PPI. However, rising oil prices—Brent above $90 per barrel—lifted Treasury yields, creating headwinds for gold. The article cites Kitco News and notes that the market is now focused on the Fed’s July meeting minutes and preliminary PMI data due Friday.

Market Context

PNJ, listed on HOSE, closed at 36,200 VND on August 17, 2026. The company operates in the personal and household goods sector, with gold retail sales a significant part of its revenue. The recent uptick in domestic gold prices, driven by global factors, could support PNJ’s jewelry sales margins, though higher input costs may offset gains. The Vietnamese gold market often moves in tandem with international prices, and the current environment of a weaker USD and geopolitical tensions in the Strait of Hormuz supports safe-haven demand.

Strategic Significance

For PNJ, the sustained rise in gold prices presents both opportunities and risks. On one hand, higher gold prices can boost revenue from gold bar and ring sales, which are often volume-driven. On the other hand, if prices become too volatile, consumer demand for high-margin jewelry may soften. The company’s ability to manage inventory and hedge against price swings will be critical. The global backdrop—Fed policy uncertainty, oil price shocks, and geopolitical risks—suggests gold may remain elevated, benefiting retailers with strong brand presence like PNJ.

What to Watch

• Fed July meeting minutes release, which could signal future rate paths and impact gold prices.
• Preliminary PMI data due Friday, providing further clues on US economic momentum.
• Movement in US Treasury yields and the dollar index, key drivers for gold.
• PNJ’s monthly sales data for August, to gauge consumer response to higher gold prices.
• Any escalation in Strait of Hormuz tensions, which could push oil and gold higher.