Vietnam Gold Prices Flat Sept 3: PNJ, SJC, DOJI Quotes

Overview

Domestic gold prices in Vietnam remained broadly unchanged on the morning of September 3, with plain gold rings quoted between 144.5 and 148.8 million VND per tael and SJC gold bars between 144.5 and 148.7 million VND per tael. The survey covers major retailers including SJC, PNJ, DOJI, Bảo Tín Minh Châu, and Phú Quý. International spot gold traded around 4,387 USD/ounce, nearly flat after a 1.4% gain in the prior session.

Key Facts

• Plain gold ring buy prices ranged from 144.5 million VND/tael (DOJI, Phú Quý) to 145.7 million VND/tael (PNJ).
• Plain gold ring sell prices ranged from 148 million VND/tael (Phú Quý) to 148.8 million VND/tael (Bảo Tín Minh Châu).
• SJC gold bar buy-sell quotes were 145.7-148.7 million VND/tael at SJC, PNJ, and DOJI.
• Bảo Tín Minh Châu quoted SJC bars at 144.8-148.7 million VND/tael; Phú Quý at 144.5-148.2 million VND/tael.
• International spot gold hovered near 4,387 USD/ounce on September 3.
• Gold rose nearly 1.4% in the prior session, bouncing from a one-month low.
• US non-farm payrolls report due later in the week is expected to influence Fed policy expectations.

What Happened

According to a survey by financial media on the morning of September 3, domestic gold prices in Vietnam held steady compared with the previous close. Plain gold rings were quoted between 144.5 and 148.8 million VND per tael, while SJC gold bars ranged from 144.5 to 148.7 million VND per tael, depending on the retailer. Specifically, PNJ listed plain rings at 145.7-148.7 million VND/tael, SJC at 145.2-148.2 million VND/tael, DOJI at 144.5-148.5 million VND/tael, Bảo Tín Minh Châu at 144.8-148.8 million VND/tael, and Phú Quý at 144.5-148 million VND/tael.

For SJC gold bars, SJC, PNJ, and DOJI all quoted 145.7-148.7 million VND/tael, while Bảo Tín Minh Châu and Phú Quý offered slightly lower buy prices. The international market saw spot gold trading around 4,387 USD/ounce, nearly unchanged. The previous session’s 1.4% gain was attributed to a softer US dollar and lower Treasury yields, with investors awaiting the US jobs report for clues on the Federal Reserve’s policy path.

Market Context

PNJ (HOSE: PNJ) closed at 42,100 VND on September 2, reflecting a stable trading environment. The flat domestic gold prices align with the sideways movement in global bullion, as the market consolidates ahead of key US economic data. For PNJ, which operates both jewelry retail and gold trading, stable gold prices can support consumer demand, though margins may be influenced by the spread between buying and selling prices. The Vietnamese gold market remains sensitive to global price trends and domestic supply-demand dynamics.

Strategic Significance

For long-term investors, the stability in domestic gold prices signals a period of equilibrium, with the market awaiting clearer direction from US monetary policy. PNJ’s dual role as a gold retailer and jewelry manufacturer means its earnings are tied to both gold price volatility and consumer spending. A sustained period of stable prices could encourage jewelry purchases, while a sharp move in global prices—either up or down—could affect trading volumes and inventory valuations. The upcoming US jobs report is a key catalyst that could set the tone for gold prices in the near term.

What to Watch

• US non-farm payrolls report due later this week, which could influence Fed rate decisions and gold prices.
• Movement in the US dollar index and Treasury yields, as they inversely correlate with gold.
• PNJ’s monthly sales data for August, to gauge consumer demand amid stable prices.
• Any changes in the SBV’s gold bar supply policy, which could affect the domestic premium.
• Global geopolitical developments that might trigger safe-haven buying.