PNJ in Focus as SJC Gold Falls 25% and Silver Drops 50% From Peaks

Overview

Gold and silver prices in Vietnam have retreated sharply from their early-2026 peaks, with SJC gold bars down nearly 25% and silver down more than 50%, according to a 16 October report from Tien Phong. PNJ (HOSE), one of the largest listed gold brands quoting SJC bar prices alongside SJC and DOJI, is directly exposed to how this drawdown reshapes retail demand and trading volumes.

Key Facts

• SJC gold bars were quoted at 140.3 million VND per luong (buy) and 143.3 million VND per luong (sell) on the morning of 16 October, unchanged from the prior session.
• The sell price sits 47.6 million VND per luong below the March 2026 peak of 190.9 million VND, a decline of nearly 25%.
• A buyer at the peak reselling at the 16 October bid would lose 50.6 million VND per luong, or about 26.5% of capital.
• Losses scale with volume: 5 luong bought at the peak implies a loss of 253 million VND; 10 luong implies more than 500 million VND.
• Silver from brands including Phu Quy and Bao Tin Minh Chau was quoted at 53-55 million VND per kg (buy-sell), versus a peak of 120 million VND per kg about six months ago, a loss of up to 67 million VND per kg.
• The State Bank of Vietnam set the central exchange rate at 25,637 VND per USD, down 5 VND day-on-day; Vietcombank quoted USD at 25,680-26,060 VND.
• PNJ closed at 18,000 VND on 16 October, up 1.37% on volume of 2,086,900 shares.

What Happened

Tien Phong reported that major gold brands, including SJC, DOJI and PNJ, listed SJC gold bars at 140.3-143.3 million VND per luong on the morning of 16 October, flat versus the previous morning. The stability at the counter masks a much larger move over the cycle: the sell price is 47.6 million VND per luong below the 190.9 million VND peak recorded in March 2026, a drop of close to 25%.

The article frames the drawdown through the losses of peak buyers. An investor who paid 190.9 million VND per luong and sold at the 16 October bid of 140.3 million VND would book a loss of 50.6 million VND per luong, roughly 26.5% of the original outlay. Silver has fared worse, with prices at 53-55 million VND per kg against a peak of 120 million VND per kg about six months earlier, a decline exceeding 50%. The report does not cite a specific company filing or regulatory announcement; the figures are market quotes and the State Bank of Vietnam’s daily central rate reference.

Market Context

PNJ trades on HOSE and closed at 18,000 VND on 16 October, up 1.37% on volume of 2,086,900 shares, a modest gain that suggests the equity is not trading in lockstep with the bullion drawdown. The company sits in the retail and personal household goods segment, where gold bar and jewellery trading volumes are sensitive to price direction and to the gap between bid and ask. The broader Vietnamese market backdrop includes a central exchange rate of 25,637 VND per USD, down 5 VND, and Vietcombank USD quotes 20 VND lower on both sides, indicating a relatively stable currency session alongside the metals correction.

Strategic Significance

For long-term investors, the key question is whether PNJ’s earnings mix leans more on transaction volume than on inventory revaluation. A falling gold price compresses the value of stock held by jewellers but can revive physical demand if buyers view 140 million VND per luong as an entry point after a 25% correction. The silver collapse of more than 50% is a harder signal: it removes a speculative layer that likely boosted retail turnover in late 2025 and early 2026. PNJ’s brand position among the three named price-setters means its quoted spreads and any shift in its gold-bar versus jewellery revenue split will be read as a proxy for the health of Vietnam’s household savings demand for precious metals.

What to Watch

• PNJ’s next quarterly earnings release, for any disclosure on inventory provisions or changes in gold and silver trading volume.
• Daily SJC bar quotes from PNJ, SJC and DOJI, particularly whether the 140.3-143.3 million VND range holds or breaks lower.
• Silver quotes from Phu Quy and Bao Tin Minh Chau, to gauge whether the 53-55 million VND per kg level stabilises retail demand.
• State Bank of Vietnam central exchange rate prints and any gold market intervention or auction announcements.
• Foreign-ownership and block-trade filings on PNJ, as a read on institutional positioning during the metals drawdown.