PNJ Gold Prices Fall: SJC Bars and Plain Rings Drop 1.1 Million VND per Tael

Overview

Gold prices at PNJ (Vàng Phú Nhuận, HOSE) fell 1.1 million VND per tael on the afternoon of September 22, 2026, in both plain gold rings and SJC-branded gold bars. The adjustment was part of a synchronized decline across Vietnam’s largest gold brands, including SJC, DOJI, Bảo Tín Minh Châu and Phú Quý, pushing domestic selling prices below 146 million VND per tael.

Key Facts

• PNJ plain gold rings fell 1.1 million VND per tael on both the bid and ask, quoted at 142.5 million VND buying and 145.5 million VND selling as of 13h45 on September 22, 2026.
• PNJ SJC gold bars also dropped 1.1 million VND per tael on both sides, matching SJC, DOJI and Phú Quý.
• SJC plain rings fell 1.1 million VND per tael to 142-145 million VND; DOJI rings fell 800,000 VND to 142-146 million VND.
• Bảo Tín Minh Châu posted the smallest ring cut, down 300,000 VND per tael to 142.3-146.3 million VND.
• The spread between the highest and lowest ring buying prices across surveyed brands was 500,000 VND per tael, with PNJ and Phú Quý highest at 142.5 million VND and SJC and DOJI lowest at 142 million VND.
• SJC bar quotes ranged from 142.3-142.5 million VND buying to 145.5-146.1 million VND selling across the five brands.
• PNJ shares closed at 37.00 on HOSE on September 22, 2026, unchanged on volume of 69,300 shares.

What Happened

According to the price survey updated at 13h45 on September 22, 2026, domestic gold continued a sharp retreat that began earlier in the day. At the 9h15 update, prices were mixed: DOJI rings had already slipped 300,000 VND per tael while SJC, PNJ, Bảo Tín Minh Châu and Phú Quý held steady. By the afternoon, the declines broadened, with PNJ and Phú Quý both cutting 1.1 million VND per tael on rings and SJC bars.

The article attributes the moves to consecutive downward adjustments rather than a single event, noting that domestic gold has now retreated below 146 million VND per tael on the selling side. The report does not cite a specific company filing or regulatory announcement behind the price action; the figures come from the publication’s multi-brand price survey.

Market Context

PNJ trades on HOSE under the ticker PNJ and is classified in the Personal & Household Goods sector, where gold retail and jewelry margins are sensitive to bullion price swings and the spread between domestic and international quotes. The stock closed at 37.00 on September 22, 2026, flat on the session with volume of 69,300 shares, suggesting the gold price move did not trigger a notable equity reaction. The broader domestic gold complex, spanning SJC, DOJI, Bảo Tín Minh Châu and Phú Quý, moved in the same direction, indicating a market-wide repricing rather than a PNJ-specific event.

Strategic Significance

For long-term holders, PNJ’s earnings depend less on the direction of gold than on transaction volume, fabrication margins and the spread it earns between buying and selling quotes. A 1.1 million VND per tael cut compresses the absolute spread in dong terms, but PNJ’s ring spread of 3.0 million VND per tael remained in line with Phú Quý and wider than SJC’s 3.0 million VND, keeping it competitive within the surveyed group. The key strategic question is whether lower nominal prices revive retail demand volumes enough to offset thinner per-unit margins, particularly as domestic gold sits below the 146 million VND threshold that may draw back price-sensitive buyers.

What to Watch

• Daily multi-brand gold price surveys to confirm whether the decline extends or stabilizes below 146 million VND per tael.
• PNJ’s next monthly or quarterly business update for retail gold volume and margin commentary.
• Any State Bank of Vietnam policy action on gold market supply, following the reported VND 48,000 billion liquidity support channel.
• The premium or discount between domestic SJC bar quotes and international gold prices.
• PNJ trading volume on HOSE, which at 69,300 shares was light relative to the gold price move.