PNJ Gold Prices Flat on September 23 as SJC Bars Hold at 144.9M VND

Overview

Domestic gold prices in Vietnam were flat on the morning of September 23, 2026, after a sharp two-day selloff, with plain gold rings quoted at 141.4-146 million VND per tael and SJC gold bars at 141.9-144.9 million VND per tael. PNJ (HOSE) listed its plain ring buy-sell spread at 141.9-144.9 million VND per tael, identical to its SJC bar quote. The pause matters for PNJ because gold trading is a core revenue line for the retailer, and a stable price band after a 1.2 million VND per tael drop on September 21 signals short-term demand-supply equilibrium.

Key Facts

• PNJ quoted plain gold rings at 141.9 million VND buy / 144.9 million VND sell per tael on the morning of September 23, 2026.
• SJC gold bars were listed at 141.9-144.9 million VND per tael by all five surveyed brands: SJC, PNJ, DOJI, Bảo Tín Minh Châu and Phú Quý.
• The widest plain-ring buy spread was 600,000 VND per tael, between DOJI/Bảo Tín Minh Châu at 142 million VND and SJC at 141.4 million VND.
• The widest sell spread was 1.6 million VND per tael, between DOJI/Bảo Tín Minh Châu at 146 million VND and SJC at 144.4 million VND.
• International spot gold traded around 4,365 USD per ounce, up slightly from the prior close, after gaining 0.35% on September 22 and falling 0.8% earlier in the week.
• PNJ shares closed at 35,800 VND on September 22, 2026, on HOSE.

What Happened

Domestic gold prices opened the September 23 session unchanged from the close of September 22, according to a market survey of the five largest Vietnamese gold brands. Plain gold rings were quoted in a 141.4-146 million VND per tael band, while SJC gold bars held at 141.9-144.9 million VND per tael across SJC, PNJ, DOJI, Bảo Tín Minh Châu and Phú Quý. The flat open followed a session on September 22 in which rings and bars fell sharply, and a September 21 session in which prices dropped by as much as 1.2 million VND per tael.

On the international market, spot gold edged up to roughly 4,365 USD per ounce. The metal remains under pressure as traders price in a higher probability that the US Federal Reserve keeps monetary policy tight through the year, while Middle East conflict developments remain on the radar. Bart Melek, head of global commodity strategy at TD Securities, said the market continues to react strongly to Fed rate expectations, adding that a slightly firmer US dollar over recent sessions is typically a negative signal for gold. The article cites the CME FedWatch tool for rate-expectation pricing but does not disclose the specific probability figures.

Market Context

PNJ trades on HOSE and closed at 35,800 VND on September 22, 2026. The company sits in the personal and household goods sector, where gold bar and jewelry retail margins are sensitive to the spread between domestic quotes and international spot prices, as well as to turnover volumes during volatile sessions. The two-day decline into September 22 likely pulled some short-term buyers off the sidelines, and the flat September 23 open suggests the market is waiting for a clearer Fed signal before re-pricing. The article does not provide a broader VN-Index reading or foreign-flow data for the session.

Strategic Significance

For long-term investors, the key variable is not the daily quote but the stability of PNJ’s gold retail margin and inventory turnover through a period of elevated international prices. When domestic prices gap away from spot, PNJ and peers typically widen buy-sell spreads to protect margins, which can suppress volume; when spreads normalize, as they did on September 23 with a 3 million VND per tael ring spread at PNJ, transaction flow tends to recover. The persistent Fed-tightening narrative is the main external risk: a stronger dollar pressures gold in USD terms, which historically compresses Vietnamese domestic quotes with a lag and can trigger inventory markdowns for retailers holding stock.

What to Watch

• The next CME FedWatch probability readings for the September and October FOMC meetings, which drive USD direction and gold pricing.
• Daily SJC bar and plain ring quotes from PNJ, DOJI and Bảo Tín Minh Châu to confirm whether the 141.9-144.9 million VND band holds or breaks.
• PNJ’s next monthly or quarterly business update for gold segment revenue and inventory disclosure.
• International spot gold’s ability to hold above 4,300 USD per ounce, a level that would signal whether the recent pullback is consolidation or a trend reversal.
• Any State Bank of Vietnam guidance on gold market intervention, which has historically reset domestic spreads.