Vietnam Gold Prices Stable Sept 7; PNJ Rings at VND 147.6M

Overview

Domestic gold prices in Vietnam were stable on the morning of September 7, with SJC, PNJ, DOJI, and Bảo Tín Minh Châu quoting gold bars and rings around VND 144-150 million per tael. Meanwhile, international spot gold fell 0.6% last week to $4,423/oz on expectations that the US Federal Reserve may raise interest rates this month, reducing the appeal of the non-yielding metal.

Key Facts

• Domestic gold bars were commonly quoted at VND 144.6-147.6 million per tael on September 7.
• PNJ bought gold rings at VND 144.1 million and sold at VND 147.6 million per tael.
• SJC listed gold rings at VND 144.1 million (buy) and VND 147.1 million (sell) per tael.
• DOJI quoted gold rings at VND 146.0-150.0 million per tael.
• Bảo Tín Minh Châu set gold ring prices at VND 145.8 million (buy) and VND 149.8 million (sell) per tael.
• International spot gold traded at $4,423/oz, down 0.6% from the previous week’s close of $4,429/oz.
• Market odds of a Fed rate hike at the September 15-16 meeting rose to ~65% from ~55% after stronger-than-expected US jobs data.

What Happened

Vietnamese gold prices opened stable on September 7, with major retailers—SJC, PNJ, DOJI, Bảo Tín Minh Châu, and Phú Quý—maintaining buy-sell spreads of VND 3-4 million per tael for both gold bars and rings. PNJ and SJC both purchased gold rings at VND 144.1 million per tael, while their selling prices were VND 147.6 million and VND 147.1 million, respectively. DOJI and Bảo Tín Minh Châu offered slightly higher ranges.

On the international front, spot gold hovered at $4,423/oz, little changed from the prior weekend. The metal lost 0.6% last week after US nonfarm payrolls for August came in stronger than expected, with unemployment holding at 4.1%. This reinforced expectations that the Federal Reserve could raise interest rates at its September 15-16 meeting, with market-implied probability climbing to about 65% from 55% before the jobs report. Analysts, including David Morrison of Trade Nation, suggested gold could test support near $4,200/oz in the short term, though he noted gold’s long-term uptrend remains intact.

Market Context

PNJ, listed on HOSE, closed at VND 40,050 on September 6, 2026. The stable domestic gold prices come amid a broader environment where international gold is under pressure from Fed rate hike expectations. For Vietnamese gold retailers, domestic prices are influenced by global trends, but local supply-demand dynamics and the VND/USD exchange rate also play roles. The sector has seen significant volatility in recent months, with gold prices reaching record highs earlier in the year before pulling back.

Strategic Significance

For PNJ, the stability in domestic gold prices suggests steady retail demand, which is crucial for its jewelry business. However, if international gold prices continue to decline, PNJ may face margin pressure on its gold trading segment, though its core jewelry retail operations could benefit from lower input costs. The company’s ability to manage inventory and hedge against price swings will be key. The Fed’s policy path remains the primary driver of global gold prices, and any shift in expectations could have direct implications for PNJ’s profitability and stock valuation.

What to Watch

• US CPI and PPI data due next week, which will influence Fed rate hike expectations.
• The Fed’s September 15-16 meeting decision and any forward guidance.
• PNJ’s monthly sales and gold trading margins for September.
• Movements in the VND/USD exchange rate and their impact on domestic gold prices.
• Any changes in domestic gold import policies or regulations.