PNJ Slides as SJC Gold Bars Fall 25% From March Peak to 140.3M VND

Overview

Domestic gold prices in Vietnam extended their decline on October 15, 2026, with SJC gold bars quoted at 140.3 million VND per tael on the bid and 143.3 million VND on the ask, roughly 25% below the March 2026 peak of 190.9 million VND. The correction pressures Phu Nhuan Jewelry (PNJ), listed on HOSE, whose retail network is directly exposed to bullion trading volumes and margins. Most investors who bought gold over the past year are now sitting on losses.

Key Facts

• SJC gold bars traded at 140.3 million VND per tael bid and 143.3 million VND ask on October 15, 2026.
• The ask price is down 47.6 million VND per tael, or nearly 25%, from the March 2026 peak of 190.9 million VND.
• A buyer at the March peak selling at the October 15 bid would lose 50.6 million VND per tael, about 26.5% of capital.
• The SJC bid-ask spread stood at 3 million VND per tael on the morning of October 15.
• Buyers on June 11, 2026, when ask prices ranged from 136 to 138 million VND, remain the exception, with gains of roughly 3.2% at 136 million VND.
• International gold has retreated to near 4,000 to 4,100 USD per ounce, pressured by a stronger USD and Fed policy expectations.
• PNJ closed at 18,000 VND on October 15, 2026, down 2.41% on volume of 8,320,600 shares.

What Happened

Domestic gold brands including SJC, DOJI, PNJ and Bao Tin Minh Chau all listed gold bars near the 140 million VND per tael area on October 15, 2026, according to market quotations cited in the report. The article calculates that anyone who bought a tael of SJC gold at the March 2026 peak of 190.9 million VND and sold at the October 15 bid of 140.3 million VND would book a loss of 50.6 million VND, equivalent to about 26.5% of the initial outlay. For a five-tael position, the paper loss reaches roughly 253 million VND, and for ten tael it exceeds 500 million VND.

The report notes that only buyers who entered during sharp dips, such as June 11, 2026, when ask prices ranged from 136 to 138 million VND per tael, remain in profit. Even those who bought late on June 11 at 138.4 million VND still show a gain of 1.9 million VND per tael, about 1.4%. The article also highlights the persistent bid-ask spread, which was 3 million VND per tael at SJC on October 15, meaning holders must clear that gap before realizing any gain. Since falling below 150 million VND in June 2026, domestic gold has struggled to establish a durable uptrend back toward the March high.

Market Context

PNJ, listed on HOSE, closed at 18,000 VND on October 15, 2026, down 2.41% on volume of 8,320,600 shares, in line with the broader pressure on gold-linked retail names. The stock trades in the Personal and Household Goods sector, where revenue is tied to jewelry and bullion turnover rather than to gold prices alone. The domestic gold market has been range-bound below 150 million VND per tael since June 2026, and international bullion has slid toward 4,000 to 4,100 USD per ounce as a firmer USD and higher-than-expected September US inflation data reshaped Fed policy expectations.

Strategic Significance

For long-term investors, the key question is whether PNJ’s earnings mix can absorb a prolonged gold-price correction. Bullion trading tends to compress when prices fall and buyers stay on the sidelines, but PNJ’s core jewelry business, with its design, manufacturing and retail margins, is less directly tied to spot gold direction than pure bullion dealers. The wide 3 million VND bid-ask spread also signals that dealers are protecting margins in a volatile tape, which can support gross profit per transaction even as volumes soften. The risk is a sustained demand air pocket if retail buyers, now facing losses on one-year holdings, delay purchases and rotate toward other savings channels.

What to Watch

• PNJ’s Q3 2026 earnings release, particularly the split between bullion and jewelry revenue and gross margin trends.
• SJC gold bar quotations and whether the bid-ask spread narrows from the current 3 million VND per tael.
• International gold’s ability to hold the 4,000 to 4,100 USD per ounce zone, and US inflation and Fed policy signals.
• Domestic gold demand indicators, including PNJ store traffic and any shift in buyer behavior after a year of losses.
• Foreign-ownership and block-trade filings on PNJ for signs of institutional positioning during the correction.