PNJ: Gold Bars Rebound to VND 140 Million as Domestic Premium Persists

Overview

Gold bar prices in Việt Nam reversed higher on the morning of 2 November, with SJC and major brands quoting VND 137-140 million per tael, up VND 1 million from the weekend. PNJ, listed on HOSE, quoted plain gold rings at VND 134-138 million per tael. The domestic premium over world gold remains above VND 17.5 million per tael, while silver continued to fall.

Key Facts

• SJC and major brands listed gold bars at VND 137-140 million per tael on 2 November, up VND 1 million from the weekend close.
• Mi Hồng quoted gold bars at VND 138.3-139.8 million per tael, up VND 800,000.
• PNJ listed plain gold rings at VND 134-138 million per tael; SJC quoted rings at VND 133-137 million.
• World gold rose USD 35 to USD 3,910 per ounce in the first session of the week, after a USD 200 drop late last week.
• Domestic gold bars remain about VND 17.5 million per tael above world prices, converted at Vietcombank’s selling rate.
• A Reuters poll of 30 analysts and traders cut the 2026 median gold forecast to USD 4,495 per ounce from USD 4,509 three months earlier, the second consecutive quarterly downgrade.
• Domestic silver fell 10% over the past week and nearly 64% from its peak; Phú Quý quoted silver at VND 1.59-1.64 million per tael, or roughly VND 42-44 million per kilogram.

What Happened

On the morning of 2 November, Công ty Vàng bạc đá quý Sài Gòn (SJC) and several major brands listed gold bars at VND 137-140 million per tael, an increase of VND 1 million from the weekend, according to the article. Mi Hồng quoted VND 138.3-139.8 million, up VND 800,000. Plain gold rings also reversed higher, with PNJ at VND 134-138 million per tael and SJC at VND 133-137 million.

Internationally, gold rose USD 35 to USD 3,910 per ounce in the first session of the week after falling as much as USD 200 late last week. Commerzbank analysts attributed the sell-off to traders liquidating safe-haven assets to meet margin calls as technology stocks slumped, and forecast a recovery in precious metals. A Reuters poll of 30 analysts and traders lowered the 2026 median gold forecast to USD 4,495 per ounce from USD 4,509 three months earlier, citing high US Treasury yields, a stronger dollar and expectations of prolonged high interest rates. The article does not cite a specific company filing or regulatory announcement.

Market Context

PNJ closed at VND 16 on 2 November, up 2.26% on volume of 4.4 million shares, according to the price context. The move came as domestic gold bars rebounded and the premium over world prices stayed above VND 17.5 million per tael, a spread that has supported Vietnamese precious-metals retailers’ margins. The broader Vietnamese market has seen gold-linked retail names trade on bullion price swings and domestic premium levels rather than on world gold direction alone.

Strategic Significance

For long-term investors, PNJ’s exposure is to retail precious-metals demand and the domestic premium, not to the world gold price directly. A premium above VND 17.5 million per tael supports revenue per tael sold but also raises the risk of policy intervention, including State Bank of Vietnam measures to narrow the gap. The divergence between gold, which rebounded, and silver, down 10% in a week and nearly 64% from its peak, matters for PNJ’s product mix: silver is a smaller category, but a sustained slump could weigh on discretionary jewellery demand. The Reuters downgrade to the 2026 gold forecast signals that analysts expect headwinds from high US yields and a strong dollar to persist, which could cap world prices even as domestic premiums stay elevated.

What to Watch

• SJC and PNJ gold bar and ring quotes over the coming sessions, to see whether the VND 1 million rebound holds.
• The domestic premium over world gold, currently above VND 17.5 million per tael, and any State Bank of Vietnam comment on narrowing it.
• PNJ’s next quarterly earnings release, for revenue and margin trends in gold bars versus rings and silver.
• Further revisions to the Reuters analyst poll for 2026 and 2027 gold forecasts.
• Silver price action, given the 10% weekly decline and the nearly 64% drop from the peak.