PNJ Gold Prices 22/10: SJC, PNJ, DOJI Bullion at VND 142.3M per Tael

Overview

On 22/10, PNJ (Vàng Phú Nhuận, HOSE) quoted SJC-standard gold bars at VND 139.3 million buy and VND 142.3 million sell per tael, matching SJC and DOJI at the ceiling of the surveyed sell range. Plain 9999 gold rings showed wider dispersion across brands, with PNJ at VND 138.4-141.4 million per tael, as international gold held around USD 4,100-4,130 per ounce.

Key Facts

• Gold bars at SJC, PNJ and DOJI all listed at VND 139.3 million buy / VND 142.3 million sell per tael, a VND 3 million spread.
• Bảo Tín Minh Châu quoted bars at VND 138.1-142.3 million, a VND 4.2 million buy-sell gap, the widest in the survey.
• Phú Quý listed bars at VND 138.7-142.3 million; Bảo Tín Mạnh Hải at VND 139.3-142.3 million.
• All six surveyed brands sold bars at the same VND 142.3 million per tael; buy-side quotes ranged VND 138.1-139.3 million.
• PNJ 9999 plain rings traded at VND 138.4-141.4 million per tael; SJC at VND 137.4-140.9 million; DOJI at VND 138-142 million.
• Bảo Tín Minh Châu ring sell price of VND 142.1 million was VND 1.2 million above SJC; Phú Quý posted the highest ring buy price at VND 138.7 million.
• International gold traded near USD 4,100-4,130 per ounce; US September CPI rose 0.6% month-on-month and 3.7% year-on-year, with PPI up 1.3% and 6.3% respectively.

What Happened

The survey, published 22/10, compared posted buy and sell prices at SJC, PNJ, DOJI, Phú Quý, Bảo Tín Minh Châu and Bảo Tín Mạnh Hải. Công ty Vàng bạc Đá quý Sài Gòn (SJC) set bars at VND 139.3 million buy and VND 142.3 million sell, a VND 3 million spread, and PNJ and DOJI mirrored those levels exactly. Lower buy-side quotes at Bảo Tín Minh Châu (VND 138.1 million) and Phú Quý (VND 138.7 million) widened those dealers’ spreads to VND 4.2 million and VND 3.6 million respectively, even as every brand converged on the same VND 142.3 million sell price.

The ring market was less uniform. PNJ’s 9999 plain rings at VND 138.4-141.4 million sat between SJC’s VND 137.4-140.9 million and DOJI’s VND 138-142 million, while Bảo Tín Minh Châu’s VND 142.1 million sell quote topped SJC by VND 1.2 million. The article attributes the international tone to lower US Treasury yields and safe-haven demand, offset by expectations of further Federal Reserve tightening and energy-supply risk around the Strait of Hormuz. It cites September US CPI and PPI data as evidence of sticky inflation alongside softening US activity, and notes investors still lean toward the Fed holding rates at its 27 October policy meeting.

Market Context

PNJ shares on HOSE closed at VND 19,000 on 22/10, down 1.30% on volume of 3,637,400 shares, a soft session against a gold price at record nominal dong levels. The divergence is familiar for the sector: bullion and ring quotations reflect global metal and local premium dynamics, while the equity prices retail jewellery margins, inventory exposure and consumer volumes. PNJ’s bar quotes tracking SJC exactly, with a narrower ring spread than DOJI or Bảo Tín Minh Châu, is consistent with its position as the largest listed branded retailer rather than a price leader in the bullion segment.

Strategic Significance

For long-term holders, the relevant signal is margin, not the headline price. When all six brands sell bars at VND 142.3 million but buy-side quotes differ by up to VND 1.2 million, the spread becomes the competitive variable, and PNJ’s VND 3 million bar spread and VND 3 million ring spread sit at the tight end of the survey. That supports volume-led retail turnover but compresses per-unit gross margin if gold stays elevated. The wider dispersion in rings, where Bảo Tín Minh Châu sells VND 1.2 million above SJC, suggests brand premium is migrating toward ring products, a segment where PNJ has scale in plain 9999 manufacturing. Elevated domestic prices near VND 142 million per tael also raise working-capital intensity for inventory-heavy retailers, making PNJ’s balance-sheet management and hedging discipline the swing factor for 2026 earnings.

What to Watch

• PNJ’s Q3 2026 results release, covering retail gross margin and inventory levels at record gold prices.
• Daily SJC bar and 9999 ring quotes to see whether PNJ’s buy-side spread stays at VND 3 million or widens with peers.
• The Fed policy meeting on 27 October and any shift in the rate-hold consensus cited in the article.
• US CPI and PPI prints for October, given September’s 3.7% and 6.3% year-on-year readings.
• Foreign-ownership and block-trade filings on HOSE for PNJ after the 1.3% pullback on 22/10.