PNJ Gold Prices Fall 1.7 Million VND per Tael as Domestic Market Slides

Overview

PNJ (HOSE: PNJ) lowered plain gold ring and SJC gold bar quotes by 1.7 million VND per tael on September 22, 2026, part of a synchronized decline across Vietnam’s largest gold brands. The move matters for PNJ because retail gold trading is a core revenue line for the Phú Nhuận Jewelry joint-stock company, and the size of the adjustment reflects how quickly domestic quotes are tracking world prices.

Key Facts

• PNJ cut plain gold ring prices by 1.7 million VND per tael on both the buy and sell side, to 141.9 - 144.9 million VND per tael.
• SJC rings fell 1.7 million VND per tael to 141.4 - 144.4 million VND, the lowest buy quote in the surveyed group.
• DOJI and Bảo Tín Minh Châu posted the highest ring buy price at 142 million VND per tael, a 600,000 VND spread versus SJC.
• On the sell side, DOJI and Bảo Tín Minh Châu quoted 146 million VND per tael, 1.6 million VND above SJC’s 144.4 million VND.
• SJC gold bars fell 1.7 million VND per tael at SJC, PNJ, DOJI and Phú Quý, with quotes at 141.9 - 144.9 million VND.
• Bảo Tín Minh Châu cut bar buy quotes by 700,000 VND and sell quotes by 1.7 million VND per tael.
• Spot gold traded near USD 4,335 per ounce, after a 0.8% decline in the first session of the week.

What Happened

The end-of-session survey published on September 22, 2026 showed domestic gold prices extending losses from the prior day, when brands had already cut quotes by up to 1.2 million VND per tael. Plain gold rings across surveyed brands fell between 600,000 VND and 1.7 million VND per tael on both sides of the quote, while SJC gold bars moved down in parallel. PNJ’s ring quote settled at 141.9 million VND on the buy side and 144.9 million VND on the sell side, matching Phú Quý and sitting just below DOJI and Bảo Tín Minh Châu.

The article attributes the domestic slide to the international market, where spot gold traded around USD 4,335 per ounce, slightly below the previous close. The report does not cite a company filing or regulatory announcement; the figures come from a multi-brand price survey conducted at the close of trading. No transaction volumes or revenue figures were disclosed.

Market Context

PNJ shares closed at 35,800 VND on September 22, 2026 on the HOSE. Gold price swings of this size affect the retail jewelry sector through two channels: the value of inventory held by brands such as PNJ, SJC, DOJI and Bảo Tín Minh Châu, and the pace of customer buying, which often slows when quotes fall sharply in a short window. The broader Vietnamese market has seen gold quotes move in wide daily ranges, with the prior session already showing cuts of up to 1.2 million VND per tael.

Strategic Significance

For long-term holders of PNJ, the key question is whether gold trading remains a margin contributor or becomes a drag. PNJ’s core franchise is jewelry manufacturing and retail, where gross margins are typically wider than on bullion and plain rings, which are closer to commodity products. A sharp drop in gold quotes compresses the value of stock on hand but can also reset input costs for the jewelry line. The synchronized cuts across all major brands show that pricing power in bullion sits with the world market, not with individual Vietnamese retailers, so differentiation has to come from design, store network and brand trust rather than from gold spreads.

What to Watch

• PNJ’s next monthly or quarterly business update for gold versus jewelry revenue mix.
• World gold’s ability to hold the USD 4,300 per ounce area, which would determine whether domestic quotes stabilize.
• The buy-sell spread at PNJ and peers; a widening spread signals weaker retail demand.
• Any State Bank of Vietnam policy action on gold market supply or import quotas.
• Trading volume in PNJ shares on HOSE around the 35,800 VND close.