Vietnam Gold Prices Hold at 150M VND/Tael; PNJ Rings at 146.8-150M

Overview

Domestic gold prices in Vietnam remained at 150 million VND per tael on the morning of August 25, following a sharp increase on August 24. Global spot gold hit a three-month high above 4,680 USD/ounce, driven by technical buying and a weaker US dollar. The stable domestic prices affect major retailers including PNJ (HOSE), which also lists gold rings at 146.8-150 million VND per tael.

Key Facts

• Domestic gold bar prices held at 147 million VND/tael (buy) and 150 million VND/tael (sell) at SJC, Bảo Tín Minh Châu, DOJI, Phú Quý, and PNJ on August 25.
• Gold bar prices had risen by 2.4 million VND/tael on August 24 across these brands.
• PNJ listed gold rings at 146.8-150 million VND/tael, unchanged from the previous close.
• Other ring prices: SJC 146.5-149.5 million, Bảo Tín Minh Châu 147.5-151.5 million, Bảo Tín Mạnh Hải and DOJI 148.5-152.5 million, Phú Quý 147-150.5 million VND/tael.
• Global spot gold touched 4,680.70 USD/ounce, the highest since May 14, and traded around 4,682 USD/ounce.
• Gold rose over 5% last week on US Treasury buyback plans and a weaker dollar.
• PNJ shares closed at 42,650 VND on August 24, 2026.

What Happened

On the morning of August 25, domestic gold prices in Vietnam remained steady after a strong rally the previous day. Gold bars were uniformly quoted at 147 million VND/tael buying and 150 million VND/tael selling across major brands including SJC, Bảo Tín Minh Châu, DOJI, Phú Quý, and PNJ. Gold ring prices also showed no change from the August 24 close, with PNJ quoting 146.8-150 million VND/tael.

The stability follows a session on August 24 when gold bar prices jumped 2.4 million VND/tael and rings rose 2.4-3 million VND/tael depending on the brand. The domestic market is reacting to global developments: spot gold reached a three-month high above 4,680 USD/ounce, supported by technical buying and a weaker US dollar. The US Treasury’s bond buyback plan and anticipation of upcoming inflation data (PCE) and the Jackson Hole symposium are key drivers.

Market Context

PNJ, listed on HOSE, closed at 42,650 VND on August 24, 2026. The company operates in the retail and consumer staples sector, with gold jewelry as a core product. Domestic gold prices have been volatile, with a rare discount to global prices noted recently. The current stable domestic prices, combined with elevated global gold, could influence consumer demand for jewelry and investment gold, impacting PNJ’s revenue and margins.

Strategic Significance

For long-term investors, PNJ’s performance is closely tied to domestic gold price trends and consumer sentiment. Stable prices after a sharp rise may support jewelry sales, as consumers adjust to higher levels. However, sustained high global gold prices could dampen discretionary spending on gold jewelry, while benefiting gold investment products. PNJ’s ability to manage inventory and pricing in a rising gold environment will be crucial for maintaining profitability.

What to Watch

• Upcoming US PCE inflation data on Wednesday, which could influence global gold prices and domestic price adjustments.
• Fed Chair Kevin Warsh’s speech at Jackson Hole on Friday for interest rate signals.
• Any changes in domestic gold price spreads versus global prices, as recent discounts have been unusual.
• PNJ’s monthly sales data for August, which will reflect consumer response to higher gold prices.
• Further movement in the USD/VND exchange rate, which affects import costs and domestic gold pricing.