PNJ Gold Prices September 11: SJC, DOJI, Bao Tin Quotes as Global Gold Breaks EMA 200

Overview

Gold bars in Vietnam were quoted at 143.6-146.6 million VND per tael on September 11, with SJC, PNJ, DOJI, Bao Tin Manh Hai, Bao Tin Minh Chau and Phu Quy all listing the same band. Plain gold rings traded wider, at 146-148 million VND per tael on the sell side, with PNJ at 143.2-146.5 million. The move matters for PNJ because gold trading is a core revenue line alongside its jewellery retail network.

Key Facts

• Gold bars quoted at 143.6-146.6 million VND per tael on September 11 across SJC, PNJ, DOJI, Bao Tin Manh Hai, Bao Tin Minh Chau and Phu Quy.
• PNJ listed plain gold rings at 143.2-146.5 million VND per tael, below the 146-148 million sell-side range across brands.
• SJC quoted plain rings at 143.1-146.1 million VND per tael; Bao Tin Minh Chau and DOJI both at 144.0-148.0 million.
• US producer price index rose 0.4% month on month and 5.4% year on year in August, driven by energy and diesel costs.
• The ECB raised its base rate by 25 basis points to 2.50%.
• US 10-year Treasury yield closed at 4.943%, the highest since October 2023.
• Spot gold fell below its 200-day EMA of $4,341.10/oz and tested support near $4,315.78/oz.
• Fed rate futures priced a 71% probability of a 25 basis point hike at the September 15-16 meeting.

What Happened

The September 11 price list, compiled from company quotes, showed domestic gold bars converging on a single 143.6-146.6 million VND per tael band across the major traders. Plain gold rings were less uniform: SJC stood at 143.1-146.1 million, Bao Tin Manh Hai bid 143 million, Bao Tin Minh Chau and DOJI both listed 144.0-148.0 million, and PNJ quoted 143.2-146.5 million VND per tael.

The domestic quotes followed a sharp global selloff in the afternoon of September 10 US time. Higher-than-expected wholesale inflation, a spike in crude oil and rising Treasury yields outweighed safe-haven demand linked to the US-Iran conflict. The article attributes the move to the inflation and rates channel rather than geopolitical risk, noting gold traded as a rates-sensitive asset rather than a haven in that session.

Market Context

PNJ closed at 38,200 VND on September 10 on HOSE, and the September 11 gold list is the first domestic pricing snapshot after the global break below the 200-day EMA. Vietnamese gold prices are administratively anchored through SJC bar quoting and have historically traded at a premium to world prices, so a global decline does not pass through one-for-one. For a retail jewellery and gold-trading name, the relevant variables are the domestic spread between buy and sell quotes and the volume of ring and bar transactions, not the world spot print alone.

Strategic Significance

PNJ’s earnings mix spans jewellery manufacturing and retail plus gold trading, so a widening domestic ring spread supports trading margin while a falling world price can dampen inventory revaluation and consumer sentiment. The September 11 data show PNJ quoting rings below the DOJI and Bao Tin Minh Chau sell levels, which suggests a more competitive retail posture on the plain-ring product that has absorbed demand since the bar market tightened. The macro backdrop, with the Fed priced at a 71% chance of a hike and 10-year yields at 4.943%, is the key swing factor: sustained high US yields raise the opportunity cost of holding gold and can compress domestic premiums over time.

What to Watch

• US CPI release on September 11, the last major data point before the Fed meeting.
• The Fed decision on September 15-16 and the updated rate-path guidance.
• Whether spot gold holds the $4,315.78/oz support or extends below the $4,341.10/oz 200-day EMA.
• Domestic SJC bar and plain-ring quotes in the sessions following the Fed meeting, to gauge premium compression.
• PNJ’s next monthly or quarterly disclosure on gold trading volumes and retail revenue mix.