PNJ Gold Prices: SJC, PNJ, DOJI Quote 143.6-146.6M VND/Tael on September 10

Overview

Vietnamese gold bars were quoted at 143.6-146.6 million VND per tael across SJC, PNJ, DOJI, Bao Tin Manh Hai, Bao Tin Minh Chau and Phu Quy on the morning of September 10, while plain gold rings traded in a wider 146-148 million VND per tael selling band. For PNJ (HOSE), the retail jewelry chain at the center of this quote sheet, the spread between ring and bar pricing and the direction of international gold around USD 4,400/oz set the near-term tone for its gold trading and retail margins.

Key Facts

• Gold bars at SJC, PNJ, DOJI, Bao Tin Manh Hai, Bao Tin Minh Chau and Phu Quy were all listed at 143.6-146.6 million VND per tael on the morning of September 10.
• PNJ quoted plain gold rings at 143.2-146.5 million VND per tael, below the 146-148 million VND selling band seen at several other brands.
• SJC listed plain rings at 143.1-146.1 million VND per tael; Bao Tin Manh Hai applied a 143 million VND buy price.
• Bao Tin Minh Chau and DOJI both quoted rings at 144.0-148.0 million VND per tael.
• Ring prices at some businesses stood roughly 1-1.5 million VND per tael above gold bar prices.
• International gold recovered to around USD 4,400/oz, with silver back above USD 67/oz.
• US August PPI is due Thursday and CPI Friday, ahead of the Fed meeting on September 15-16.

What Happened

The quote sheet, published by An Ninh Tien Te, showed domestic gold bars clustered at a single 143.6-146.6 million VND per tael level across the largest Vietnamese jewelers at the start of trading on September 10. Plain gold rings were less uniform: SJC stood at 143.1-146.1 million VND, PNJ at 143.2-146.5 million VND, and Bao Tin Minh Chau and DOJI both at 144.0-148.0 million VND, leaving some brands pricing rings about 1-1.5 million VND per tael above bars.

On the international market, spot gold and silver rose in late US trading on Wednesday. The article attributes the move to a weaker US dollar and safe-haven demand linked to US-Iran conflict, which outweighed rising US Treasury yields and continued strength in crude oil. Brent crude’s return above USD 100 per barrel has pushed 10-year Treasury yields toward their highest since October 2023, a headwind for non-yielding assets that gold has so far absorbed.

Market Context

PNJ closed at 38,000 VND on September 9, down 1.17% on volume of 4,080,500 shares on the Ho Chi Minh Stock Exchange (HOSE). The stock trades as a retail jewelry and gold-trading proxy, so domestic quote spreads and international bullion direction feed directly into sentiment. The wider Vietnamese market has been sensitive to global rate expectations and currency moves, and the article frames the current gold bid as driven more by FX and fiscal-risk hedging than by the interest-rate channel.

Strategic Significance

The gap between ring and bar pricing matters for PNJ’s model. Rings carry higher fabrication and retail margins than plain bars, and a 1-1.5 million VND per tael premium at some competitors signals firm consumer demand for jewelry-grade product rather than pure bullion hoarding. If international gold holds near USD 4,400/oz while the dong stays stable, PNJ can defend ring margins; a sharp Fed-driven correction would compress inventory values and could push customers toward bars, where PNJ competes on volume rather than spread.

What to Watch

• US August PPI on Thursday and CPI on Friday, the article’s stated tests for the Fed rate path.
• The Fed meeting on September 15-16 and whether the roughly 60% market-implied probability of a hike is confirmed or reversed.
• Daily SJC bar quotes versus PNJ ring quotes, to track whether the 1-1.5 million VND ring premium persists.
• Brent crude above USD 100 per barrel and 10-year Treasury yields near October 2023 highs, as competing pressures on gold.
• PNJ’s next monthly or quarterly disclosure on gold trading volumes and retail revenue mix.