PNJ Gold Prices Hold at VND 136-139M After Sharp October 31 Drop

Overview

Vietnamese gold bar and ring prices were unchanged on the morning of November 1, 2026, after a sharp correction the prior session, with SJC, DOJI, Bảo Tín Mạnh Hải and PNJ all quoting gold bars at VND 136-139 million per tael. The pause follows a 2.7 million-per-tael weekly decline and a 3.63% single-day fall in global spot gold to USD 3,874.40/oz, a move that directly affects PNJ’s gold trading and retail margins.

Key Facts

• PNJ quoted gold bars at VND 136-139 million per tael (buy-sell) on November 1, unchanged from the October 31 close.
• PNJ gold rings traded at VND 133.6-137.6 million per tael, within a market-wide ring range of VND 13.58-13.78 million per chỉ.
• SJC gold bars were listed at VND 136-139 million per tael; Bảo Tín Minh Châu at VND 133.8-139 million; Phú Quý at VND 134.5-139 million.
• SJC gold bars fell 2.7 million per tael over the week from October 26 and 4 million from the October 29 peak of VND 140-143 million.
• The buy-sell spread held at VND 3 million per tael across major brands.
• Global spot gold fell USD 146.10, or 3.63%, to USD 3,874.40/oz as of 19:28 New York time on October 31, per Kitco.
• PNJ shares closed at VND 15,500 on October 31, 2026, on HOSE.

What Happened

Domestic gold brands kept both buying and selling prices flat at the start of trading on November 1, following the steep adjustment seen on October 31. SJC, DOJI, Bảo Tín Mạnh Hải and PNJ all listed gold bars at VND 136-139 million per tael, while Bảo Tín Minh Châu and Phú Quý quoted slightly wider ranges. In the ring segment, PNJ traded at VND 133.6-137.6 million per tael, alongside SJC at VND 131.8-135.8 million and the Bảo Tín and DOJI group at VND 133.8-137.8 million.

The weekly trajectory shows a clear reversal. Bảo Tín Mạnh Hải opened the week on October 26 at VND 138.7-141.7 million, climbed to a peak of VND 140-143 million on October 29, then retreated to VND 138.4-141.4 million on October 31 and VND 136-139 million on November 1. The article attributes the global selloff to the Federal Reserve maintaining a cautious stance on interest rates, positive US economic data reinforcing expectations of continued tightening, and a technology-stock selloff tied to concerns over AI investment returns that triggered broad asset liquidation.

Market Context

PNJ trades on HOSE and closed at VND 15,500 on October 31, 2026. The company sits in the personal and household goods sector, where gold retail revenue and inventory valuation are sensitive to spot price swings. The 3.63% single-day drop in global gold is the sharpest input in this cycle, and the unchanged domestic quotes on November 1 suggest local brands are holding spreads rather than chasing the international move lower. The VND 3 million per tael buy-sell gap across brands indicates dealers are protecting margin while managing inventory risk after the week’s reversal.

Strategic Significance

For long-term investors, the key variable is not the daily quote but the gap between domestic and international prices and how PNJ manages inventory through a falling market. A sustained decline in spot gold compresses the value of gold held on the balance sheet, but it can also revive retail jewelry demand if domestic prices follow international ones down. PNJ’s exposure is two-sided: gold bar trading is a thin-margin, volume-driven business, while ring and jewelry sales carry better margins. The unchanged November 1 quotes suggest brands are testing whether demand stabilizes before passing through the full international decline, a decision that will shape fourth-quarter revenue mix.

What to Watch

• Daily SJC and PNJ bar quotes through the first week of November to see whether the VND 136-139 million level holds or breaks.
• The domestic-international gold price gap, which the article does not quantify, as a signal of import and supply pressure.
• Federal Reserve communication and US economic data releases that drove the October 31 selloff.
• PNJ’s next quarterly earnings disclosure for gold inventory and gross margin detail.
• Foreign-ownership and block-trade filings on HOSE for signs of institutional repositioning in PNJ.