Vietnam Gold Bar Prices Jump to VND 141.2 Million as World Gold Hits USD 3,945

Overview

SJC gold bars rose VND 1.2 million to VND 141.2 million per tael on the morning of 3 November, extending a two-session advance of VND 2.2 million, after spot world gold gained USD 71 to USD 3,945 an ounce. The move is the most direct read-through for PNJ (HOSE), the listed jeweller that trades plain gold rings in the same price band, while softer USD/VND at BID (HOSE) and other large banks frames the currency backdrop.

Key Facts

• SJC quoted gold bars at VND 138.2-141.2 million per tael on 3 November, up VND 1.2 million from the prior afternoon.
• Bars have gained VND 2.2 million per tael over two sessions, according to SJC’s published quotes.
• SJC’s buy-sell spread was held at roughly VND 3 million per tael.
• Plain gold rings rose VND 1.2 million to VND 134-138 million at SJC; PNJ and DOJI quoted rings at VND 135.5-139.5 million.
• Spot world gold closed 2 November at USD 3,945 an ounce, up USD 71, equivalent to about VND 126.5 million per tael.
• The domestic premium over world gold narrowed to about VND 15 million per tael from VND 16-18 million the previous week.
• Vietcombank quoted USD/VND at 25,610-25,970, down VND 10; BIDV quoted 25,590-25,970, with the rate about 1.5% lower than at the start of the year.
• Domestic silver fell 1.6%, with Phú Quý and Ancarat quoting VND 1.56-1.61 million per tael.

What Happened

Saigon Jewelry Company (SJC) listed gold bars at VND 138.2 million on the buy side and VND 141.2 million on the sell side on the morning of 3 November, a VND 1.2 million increase from the previous afternoon, according to the company’s published price board. The two-day gain totals VND 2.2 million per tael, and SJC kept its buy-sell spread near VND 3 million. Plain gold rings followed, with SJC raising its quote VND 1.2 million to VND 134-138 million, while PNJ and DOJI traded the same product around VND 135.5-139.5 million and Bảo Tín Minh Châu and Bảo Tín Mạnh Hải quoted VND 135.7-139.7 million. The ring spread sits near VND 4 million per tael.

The domestic move tracked world prices. Spot gold closed the 2 November session up USD 71 at USD 3,945 an ounce, equivalent to roughly VND 126.5 million per tael at Vietcombank’s selling rate, leaving the domestic bar premium at about VND 15 million versus VND 16-18 million the week before. The article attributes the rally to an 8% drop in crude oil at the start of the week, which eased inflation concerns, and to investors awaiting this week’s US midterm election results. Silver moved the other way, falling 1.6%, while Vietcombank cut its USD/VND quote by VND 10 to 25,610-25,970 and BIDV quoted 25,590-25,970.

Market Context

PNJ (HOSE) closed at VND 15,600 on 2 November, and BID (HOSE) at VND 32,000. Gold-linked retail names on HOSE typically trade on a mix of jewellery demand and inventory revaluation, so a second consecutive session of higher bullion prices supports the revenue line at PNJ’s ring and bar counters even as the wider Vietnamese index remains sensitive to exchange-rate direction. The dong’s roughly 1.5% year-to-date appreciation against the dollar, as reflected in bank quotes, reduces the local-currency translation of world gold and is the main reason the domestic premium has compressed rather than widened during this rally.

Strategic Significance

For PNJ, the relevant variable is not the headline gold price but the spread between buy and sell quotes and the volume that moves through it. Ring spreads near VND 4 million per tael are wide by historical standards and support gross margin per unit, but a premium that has narrowed from VND 16-18 million to VND 15 million signals that domestic prices are catching up to world levels rather than decoupling, which limits the inventory gain PNJ can book on stock held during the rally. For BID, the softer USD/VND quote is the more consequential data point: a stable to stronger dong lowers the local-currency value of gold and reduces the incentive for depositors to shift savings into bullion, a channel that matters for bank deposit growth.

What to Watch

• SJC and PNJ daily price boards over the next week to see whether the two-session rally holds or reverses with world gold.
• The domestic premium over world gold, which narrowed to VND 15 million; a move back above VND 18 million would signal renewed local demand.
• US midterm election results this week, cited in the article as a driver of gold positioning.
• USD/VND quotes at Vietcombank and BIDV, with the year-to-date decline of about 1.5% as the reference point.
• PNJ’s next quarterly disclosure for ring and bar revenue volumes; the article does not provide company-level sales data.