PNJ Gold Prices Fall on September 24 as SJC Bars and Plain Rings Slide

Overview

Domestic gold prices fell sharply on September 24, 2026, with plain gold rings down VND 700,000-1.1 million per tael and SJC gold bars down VND 800,000-1.1 million per tael across SJC, PNJ, DOJI, Bao Tin Minh Chau and Phu Quy. For PNJ (HOSE), the decline lowers both the buy and sell quotes on its two main gold product lines, a direct input to the retail jewelry margin the market watches each session.

Key Facts

• PNJ plain gold rings fell VND 1.1 million per tael on both sides, to 141.4-144.4 million VND per tael.
• PNJ SJC gold bars also fell VND 1.1 million per tael on both sides, to 141.4-144.4 million VND per tael.
• SJC rings dropped VND 1.1 million per tael to 140.9-143.9 million VND, the lowest buy quote in the surveyed group.
• DOJI rings fell VND 800,000 per tael to 141.2-145.2 million VND; Bao Tin Minh Chau fell VND 700,000 to 141.6-145.6 million VND.
• Phu Quy rings fell VND 800,000 per tael to 141.4-144.4 million VND.
• Spot gold traded near USD 4,275 per ounce, down 0.25% from the prior close, after a 1.63% drop the previous session.
• PNJ shares closed at 33,300 VND on September 24, 2026.

What Happened

The session data, compiled from brand quotes at the close of September 24, 2026, showed a uniform downward revision across the five surveyed retailers. Plain gold rings at SJC and PNJ each lost VND 1.1 million per tael on both the buying and selling side, while DOJI and Phu Quy trimmed VND 800,000 and Bao Tin Minh Chau VND 700,000. On SJC gold bars, SJC, PNJ and DOJI all cut VND 1.1 million per tael on both sides, converging at 141.4-144.4 million VND per tael; Bao Tin Minh Chau and Phu Quy matched that sell quote after uneven cuts on the buy side.

The article attributes the move to continued pressure on domestic gold, with the international spot price easing to roughly USD 4,275 per ounce, down 0.25% from the prior close. That followed a 0.35% gain on September 22 and a 1.63% decline in the session before the September 24 close. The report does not cite a company filing or regulatory announcement; the figures are end-of-session quotes from the named brands.

Market Context

PNJ trades on HOSE and closed at 33,300 VND on September 24, 2026. Gold price swings feed directly into PNJ’s retail jewelry segment, where quoted spreads between buy and sell determine gross margin per tael. The surveyed spread on PNJ rings was VND 3.0 million per tael, and on PNJ SJC bars also VND 3.0 million per tael, consistent with the other brands in the group. The decline follows a multi-session softening in domestic gold, with the September 22 and September 23 sessions also showing sharp drops, suggesting a sustained correction rather than a one-day move.

Strategic Significance

For long-term holders, the relevant question is whether lower gold prices revive physical demand volumes or compress revenue per tael. PNJ’s model depends on turnover and spread capture rather than directional gold exposure, so a falling quote can support unit volumes if buyers step in, while a widening or narrowing spread changes the economics of each transaction. The convergence of all five brands at 141.4-144.4 million VND per tael on SJC bars also signals a highly competitive, price-transparent market where brand premium is thin, reinforcing that PNJ’s differentiation rests on distribution, design and service rather than gold pricing power.

What to Watch

• PNJ’s next monthly or quarterly retail update for gold volume and revenue trends.
• Domestic gold quotes in the following sessions to see whether the correction stabilizes or extends.
• International spot gold around USD 4,275 per ounce and any move in the USD/VND rate.
• State Bank of Vietnam gold market policy statements, given the central bank’s role in SJC bar supply.
• PNJ share price reaction around the 33,300 VND close on September 24, 2026.