PNJ Gold Prices Flat on September 24 as SJC, DOJI, Bảo Tín Minh Châu Hold

Overview

Domestic gold prices were unchanged at the open on September 24, 2026, with plain gold rings quoted between 142 and 146.3 million VND per tael and SJC gold bars at 142.2-145.5 million VND per tael. PNJ (HOSE), the listed jewellery retailer, posted the highest ring buy price in the survey at 142.5 million VND per tael. The flat domestic session contrasts with global gold trading near USD 4,285 per ounce, pressured by a two-month-high USD and expectations of further Federal Reserve rate hikes.

Key Facts

• PNJ quoted plain gold rings at 142.5 million VND buy and 145.5 million VND sell per tael, the highest buy price among the five surveyed brands.
• SJC gold bars were quoted at 142.5-145.5 million VND per tael by SJC, PNJ and DOJI alike.
• Bảo Tín Minh Châu listed rings at 142.3-146.3 million VND per tael, the widest sell-side quote in the group.
• Phú Quý quoted rings at 142.2-145.2 million VND per tael, the lowest sell price.
• The buy-side spread across brands was 500,000 VND per tael; the sell-side spread reached 1 million VND per tael.
• Spot gold traded near USD 4,285 per ounce, flat versus the prior close, after falling 1.63% in the previous session and rising 0.35% on September 22.
• PNJ shares closed at 35,300 VND on September 23, 2026.

What Happened

The survey, published on the morning of September 24, 2026, covered five major domestic gold brands: SJC, PNJ, DOJI, Bảo Tín Minh Châu and Phú Quý. Prices were unchanged from the close of September 23. In the ring segment, PNJ’s buy quote of 142.5 million VND per tael was the highest in the group, while SJC and DOJI shared the lowest buy price at 142 million VND. On the sell side, DOJI’s 146 million VND per tael was the highest and SJC’s 145 million VND the lowest.

In the SJC gold bar segment, SJC, PNJ and DOJI all quoted 142.5-145.5 million VND per tael. Bảo Tín Minh Châu listed 142.3-145.5 million VND and Phú Quý 142.2-145.5 million VND. Internationally, spot gold traded around USD 4,285 per ounce, flat on the day. The metal fell more than 1% on Wednesday to a near one-week low after hawkish signals from Federal Reserve policymakers reinforced expectations of another rate increase before year-end. Peter Grant, Vice President and Senior Metals Strategist at Zaner Metals, attributed the pressure to the stronger USD and post-FOMC commentary.

Market Context

PNJ trades on the HOSE and closed at 35,300 VND on September 23, 2026. The company sits in the personal and household goods sector, where gold retail margins are sensitive to the spread between domestic quotes and international bullion, as well as to consumer demand for rings and bars. The flat domestic session follows a period in which global gold has been volatile: a 1.63% drop in the prior session and a 0.35% gain on September 22. A strong USD and Fed tightening expectations typically compress global gold prices, but domestic quotes can lag or decouple due to local supply, import policy and the SJC bar monopoly.

Strategic Significance

For PNJ, the key variable is not the daily direction of gold but the width of the buy-sell spread and the volume of retail transactions it intermediates. PNJ’s position at the top of the ring buy table suggests it is competing for scrap and secondary supply, which supports inventory turnover. However, a flat domestic market with a 1 million VND per tael sell-side spread across brands indicates limited pricing power and a market waiting for a global catalyst. If the Fed delivers another hike, global gold could weaken further, pressuring domestic quotes and potentially narrowing spreads. Conversely, any dovish pivot would likely revive retail demand, benefiting PNJ’s jewellery segment.

What to Watch

• The Fed’s next policy meeting and any shift in rate-hike expectations, which drive the USD and global gold.
• Daily SJC bar and ring quotes from PNJ, DOJI and Bảo Tín Minh Châu for signs of spread widening or narrowing.
• PNJ’s next quarterly earnings release for gold retail volume and margin commentary.
• State Bank of Vietnam policy on gold imports and SJC bar production, which affects domestic supply.
• Foreign-ownership and insider-transaction filings for PNJ on the HOSE disclosure system.