PNJ Gold Prices Fall 2 Million VND per Tael as Fed Hawkishness Pressures Bullion

Overview

Gold bars at PNJ (HOSE: PNJ) were listed at 139.4-142.4 million VND per tael on the morning of September 29, 2026, matching the quotes at SJC, DOJI and Bảo Tín Minh Châu. The flat pricing followed a 2 million VND per tael decline across the domestic market on September 28, with international spot gold holding near USD 4,126/oz as traders positioned for a more hawkish US Federal Reserve.

Key Facts

• Domestic gold bars fell 2 million VND per tael on September 28, 2026.
• On the morning of September 29, SJC, DOJI, PNJ and Bảo Tín Minh Châu all quoted gold bars at 139.4-142.4 million VND per tael.
• PNJ’s plain 9999 gold ring quote stood at 139.4 million VND buy and 142.4 million VND sell.
• DOJI and Bảo Tín Minh Châu quoted gold rings at 139.5-143.5 million VND per tael; SJC at 138.9-141.9 million VND.
• International spot gold traded at USD 4,126/oz after a sharp prior-session decline.
• Aakash Doshi, Gold Strategy Director at State Street Investment Management, told Kitco News that USD 4,000/oz should hold, with USD 5,000/oz possible within six months.
• Doshi said markets have priced in two additional Fed rate hikes since mid-August.

What Happened

The domestic decline was reported across major Vietnamese gold traders, with SJC, DOJI, PNJ and Bảo Tín Minh Châu all showing the same 139.4-142.4 million VND per tael band for gold bars on the morning of September 29. The prior session’s 2 million VND per tael drop was uniform across the group, and plain 9999 gold rings traded in a narrower 138.9-139.5 million VND buy range and 141.9-143.5 million VND sell range, according to the market round-up.

In an interview with Kitco News, Aakash Doshi, Gold Strategy Director at State Street Investment Management, attributed the pullback to shifting rate expectations rather than a change in the metal’s structural outlook. He noted that since mid-August the market has priced in two additional Fed hikes, pushing nominal and real yields higher alongside a stronger US dollar. Doshi argued that higher rates cannot resolve the long-term fiscal problems facing the US and other major economies, and that rising debt-servicing costs may in fact worsen them, which helps explain gold’s resilience.

Market Context

PNJ closed at 30,700 VND on September 28, 2026 on the HOSE, the same session in which domestic gold prices dropped 2 million VND per tael. The ticker sits in the retail sector, where gold price swings feed directly into trading volumes, inventory valuation and the spread between buy and sell quotes. The domestic market is tracking international spot gold, which held near USD 4,126/oz after a sharp decline, with Vietnamese quotes still carrying a wide premium over global parity.

Strategic Significance

For PNJ, a sharp correction in gold prices cuts both ways. Lower quotes can revive retail jewellery and gold-bar demand after a period of elevated prices, supporting transaction volumes at the company’s store network, but they also compress the value of inventory held on the balance sheet and can narrow processing margins if the decline is rapid. The wider strategic question is whether the current pullback is a pause within a structural bull market, as Doshi argues, or the start of a deeper repricing if the Fed delivers further hikes. PNJ’s earnings sensitivity to gold turnover, rather than to the metal’s direction alone, is the key variable for long-term holders.

What to Watch

• PNJ’s next quarterly earnings release, for detail on gold trading volumes and inventory valuation.
• US Federal Reserve policy meetings and rate-hike guidance, which drive real yields and the US dollar.
• Daily SJC gold bar quotes versus international spot gold, to track the domestic premium.
• Foreign-ownership and insider transaction filings on the HOSE for PNJ.
• State Street’s USD 4,000/oz support level and any move toward the USD 5,000/oz target cited by Doshi.