Vietnam Gold Prices Rise Aug 23: PNJ, SJC, DOJI Quotes Up

Overview

On August 23, 2026, Vietnamese gold prices increased across major retailers, including SJC, DOJI, PNJ, and Bao Tin Minh Chau. Gold bars were quoted at 144.6-147.6 million VND/tael, while gold rings ranged from 144.0 to 149.5 million VND/tael depending on the brand. The rise is attributed to a weaker US dollar and growing expectations that the Federal Reserve will hold interest rates steady.

Key Facts

• Gold bar prices on August 23 ranged from 144.6 to 147.6 million VND/tael across SJC, DOJI, PNJ, and Bao Tin Minh Chau.
• Gold ring prices varied: DOJI and Bao Tin Minh Chau quoted 145.5-149.5 million VND/tael; SJC at 144.1-147.1 million VND/tael; PNJ at 144.0-147.5 million VND/tael.
• Spot gold in the US closed the week above USD 4,600 per ounce.
• The US dollar weakened, and expectations of a Fed rate hike in September declined, supporting gold and silver demand.
• Upcoming US data: July PCE inflation, Q2 GDP (initial estimate 1.5% annualized), durable goods orders, and Fed Chair Kevin Warsh’s speech at Jackson Hole on Friday.
• PNJ shares closed at 39,900 VND on August 22, 2026, on HOSE.

What Happened

Vietnamese gold prices moved higher on the morning of August 23, with major retailers adjusting their listings upward. Gold bars were commonly quoted at 144.6-147.6 million VND/tael, while gold rings showed notable divergence across brands. DOJI and Bao Tin Minh Chau led with ring prices at 145.5-149.5 million VND/tael, while SJC and PNJ offered lower ranges at 144.1-147.1 million and 144.0-147.5 million VND/tael, respectively.

The price increase follows a strong week for global gold, with spot gold closing above USD 4,600 per ounce. Market participants attribute the rally to a softer US dollar and reduced expectations of a Fed rate hike in September. According to Kitco News, investors are now focused on US inflation data, economic growth, and monetary policy signals, particularly the July PCE report and Fed Chair Kevin Warsh’s speech at Jackson Hole.

Market Context

PNJ (HOSE: PNJ) closed at 39,900 VND on August 22, 2026. The jewelry sector is sensitive to gold price movements, as higher prices can boost revenue but may also dampen consumer demand for discretionary jewelry purchases. The current uptrend in gold prices, driven by macro factors, could support PNJ’s retail segment, but margin pressure from rising input costs remains a risk. The broader Vietnamese market has been influenced by global commodity trends and domestic consumption patterns.

Strategic Significance

For long-term investors, PNJ’s exposure to gold price fluctuations is a double-edged sword. While higher gold prices can lift top-line revenue, they may also compress margins if the company cannot pass on costs to consumers. PNJ’s diversified business model, including retail, wholesale, and gold bar trading, provides some buffer. The company’s ability to manage inventory and pricing in a rising gold environment will be key to maintaining profitability. Additionally, sustained global gold strength could attract more investment demand for gold products, benefiting PNJ’s gold bar segment.

What to Watch

• US July PCE inflation data release (expected this week) for signals on Fed policy.
• Fed Chair Kevin Warsh’s speech at Jackson Hole on Friday for rate guidance.
• PNJ’s monthly sales updates for August to gauge consumer response to higher gold prices.
• Movement in the USD/VND exchange rate, which affects gold import costs.
• Q3 earnings report from PNJ (typically released in October) for margin and revenue trends.