PNJ Gold Prices Flat on October 10 as SJC Bars Hold VND 144.8M

Overview

PNJ (HOSE) held its gold bar selling price at VND 144.8 million per tael on the morning of October 10, 2026, unchanged from the previous session, while quoting ring gold at VND 141.3-144.3 million per tael. The flat domestic print followed a session on October 9 in which bar and ring prices at SJC, DOJI, Bảo Tín Mạnh Hải and PNJ jumped by nearly VND 2 million per tael. International spot gold rose 1.5% to roughly USD 4,194.50 per ounce in the same window.

Key Facts

• PNJ quoted gold bars at VND 141.8 million buy / VND 144.8 million sell, flat versus October 9.
• PNJ ring gold was listed at VND 141.3-144.3 million per tael, matching SJC’s ring quote.
• SJC, DOJI, Bảo Tín Mạnh Hải, Phú Quý and PNJ all held the same VND 144.8 million bar selling price.
• Bảo Tín Minh Châu bought bars at VND 139.9 million, the lowest buy price among the surveyed brands.
• Phú Quý raised its ring selling price by VND 600,000 per tael to VND 144.8 million, the only brand to move.
• International spot gold rose 1.5% to about USD 4,194.50 per ounce; spot silver gained 2.77% to USD 60.70 per ounce.
• The 10-year US Treasury yield closed near 5.24% and the dollar index held near 102.10.

What Happened

The October 10 morning update, compiled from the price boards of SJC, DOJI, Bảo Tín Mạnh Hải, Phú Quý, Bảo Tín Minh Châu and PNJ, showed domestic gold prices moving sideways after the sharp advance of the prior day. For bars, the common buy price was VND 141.8 million per tael and the common sell price VND 144.8 million, with Bảo Tín Minh Châu the outlier on the bid at VND 139.9 million. In ring gold, SJC and PNJ both quoted VND 141.3-144.3 million, DOJI VND 140.3-144.3 million, and Bảo Tín Minh Châu and Bảo Tín Mạnh Hải VND 139.8-143.8 million. Phú Quý was the only brand to adjust, lifting its ring sell price by VND 600,000 to VND 144.8 million while holding its buy price at VND 141 million.

The international backdrop was firmer. Spot gold rose 1.5% to about USD 4,194.50 per ounce in Friday trade, recovering from a mid-week selloff, according to Kitco data cited in the report. The move was attributed to a softer dollar early in the session, cooling US Treasury yields and bargain-hunting demand. The 10-year Treasury yield closed near 5.24% and the dollar index held near 102.10. Preliminary October University of Michigan data showed consumer sentiment falling to 46.3 from 48.1 in September, while one-year inflation expectations rose to 4.7% and longer-term expectations to 3.5%. Markets priced roughly a 19% probability of a Fed rate hike in October and an 84% probability of at least one 25 basis point increase before year-end.

Market Context

PNJ closed at VND 19,500 on October 9, 2026 on the HOSE. The company sits in the retail sector as a jewellery manufacturer and distributor, and its revenue and gross margin are geared to domestic gold demand and the spread between its buy and sell quotes. The flat October 10 pricing follows a week of alternating sharp declines and rebounds in the domestic market, with the October 9 session alone adding close to VND 2 million per tael. The wider Vietnamese market context is one of elevated domestic gold prices in absolute terms, with the VND 144.8 million sell price now the common reference across the major brands.

Strategic Significance

For PNJ, the key variable is not the direction of the gold price on any single morning but the width of the trading spread and the volume it intermediates. A common sell price of VND 144.8 million across five major brands compresses brand-level differentiation on bars, pushing competition toward ring gold, design and distribution reach, where PNJ’s store network and manufacturing base are the differentiators. The macro setup described in the report, softer US consumer sentiment, rising inflation expectations and an uncertain Fed path, supports structural demand for gold as a store of value in Vietnam, which historically benefits PNJ’s retail volumes even when prices are high. The risk is demand destruction at these price levels, which would show up first in ring gold turnover rather than in headline quotes.

What to Watch

• PNJ’s next monthly or quarterly business update for gold volume and revenue trends at current price levels.
• Whether the VND 144.8 million common sell price holds or breaks as international spot gold tests the USD 4,200 per ounce area.
• US inflation and Fed communication, given the 84% market-implied probability of a 25 basis point hike before year-end.
• The buy-sell spread at PNJ and peers; a widening spread would signal weaker retail demand.
• Domestic premium of SJC bar prices over international gold, a recurring policy focus in Vietnam.