Vietnam Gold Prices Reverse Course on August 18; PNJ Affected

Overview

Domestic gold prices in Vietnam reversed their morning gains and fell by about 500,000 VND per tael by midday on August 18, according to market updates. The adjustment affected gold bars and plain gold rings at major retailers including PNJ, DOJI, SJC, and Bảo Tín Minh Châu, while international spot gold traded above 4,400 USD/ounce.

Key Facts

• By midday on August 18, domestic gold bar prices at DOJI, PNJ, SJC, Bảo Tín Minh Châu, and Bảo Tín Mạnh Hải fell to 141.3–144.3 million VND per tael, down about 500,000 VND from the morning.
• Gold ring prices at PNJ stood at 140.7–144.2 million VND per tael; DOJI quoted 141.6–145.6 million VND; SJC applied 140.8–143.8 million VND.
• At 9:00 AM, gold bar and ring prices had risen 0.6–0.7 million VND per tael, with bars at 141.8–144.8 million VND at major brands.
• International spot gold was at 4,428 USD/ounce on August 18, after surpassing 4,400 USD/ounce on the evening of August 17.
• The bid-ask spread for gold bars and rings was 3–4 million VND per tael.
• The price reversal follows a weaker US dollar and reduced expectations of a Fed rate hike in September, according to Kitco News.

What Happened

Domestic gold prices in Vietnam experienced a sharp intraday reversal on August 18. After rising 0.6–0.7 million VND per tael in the early morning, prices fell by about 500,000 VND per tael by midday. This brought gold bar prices at major retailers such as DOJI, PNJ, SJC, Bảo Tín Minh Châu, and Bảo Tín Mạnh Hải to a range of 141.3–144.3 million VND per tael. Gold ring prices also adjusted downward, with PNJ quoting 140.7–144.2 million VND per tael.

The move reflects a volatile trading session influenced by international factors. Spot gold on the global market rose above 4,400 USD/ounce on the evening of August 17, reaching 4,428 USD/ounce by August 18. According to Kitco News, the rally was supported by a weaker US dollar and reduced expectations that the Federal Reserve would raise interest rates in September, despite higher crude oil prices pushing US Treasury yields up.

Market Context

PNJ, listed on HOSE, closed at 36,200 VND on August 17, 2026. The company is a leading gold and jewelry retailer in Vietnam, and its trading margins are directly affected by domestic gold price volatility. The recent price swings come amid a broader trend of rising global gold prices, which have been supported by softer US economic data and shifting Fed expectations. The widening bid-ask spread of 3–4 million VND per tael indicates market uncertainty and potential liquidity concerns.

Strategic Significance

For PNJ, the volatility in domestic gold prices underscores the importance of inventory management and hedging strategies. As a major retailer, PNJ’s profitability is sensitive to price fluctuations, particularly in its gold trading segment. The current environment, with global gold prices elevated and domestic prices adjusting rapidly, may pressure short-term margins but also presents opportunities for inventory gains if prices continue to rise. Long-term investors should monitor PNJ’s ability to manage spreads and maintain sales volumes during periods of price instability.

What to Watch

• Daily domestic gold price movements and the sustainability of the bid-ask spread.
• PNJ’s monthly sales and trading revenue reports for August 2026.
• Global gold price trends, particularly any moves above 4,500 USD/ounce.
• US economic data releases and Fed commentary that could influence gold prices.
• PNJ’s Q3 2026 earnings release, expected in October, for margin and inventory impact.