PNJ Gold Prices: SJC Bars Hold VND 140M as World Spot Rebounds to USD 3,952

Overview

Domestic gold prices were unchanged on the morning of Nov 3, with SJC gold bars sold at VND 140 million per tael across surveyed brands and plain gold rings quoted between VND 136.8 million and VND 139 million per tael. For Phú Nhuận Jewelry (PNJ), listed on HOSE, the flat domestic tape contrasts with a recovering international market, where spot gold rose to USD 3,952 per ounce.

Key Facts

• SJC gold bars were sold at VND 140 million per tael at SJC, PNJ, DOJI, Bảo Tín Minh Châu and Bảo Tín Mạnh Hải, unchanged from the prior close.
• PNJ quoted plain gold rings at VND 134 million buy / VND 138 million sell per tael.
• SJC quoted rings at VND 132.8 million buy / VND 136.8 million sell, the lowest sell price among surveyed brands.
• DOJI quoted rings at VND 135-139 million per tael, the highest sell price in the survey.
• Bảo Tín Minh Châu and Bảo Tín Mạnh Hải both quoted rings at VND 134.5-138.5 million per tael.
• Spot gold traded at USD 3,952 per ounce in early Asian hours on Nov 3, up 0.17%, after a 1.84% gain in the previous session.
• Oil fell more than 6% on Nov 2 as Iran and Qatar entered a third day of negotiations, easing inflation concerns.

What Happened

The survey, published on the morning of Nov 3, showed domestic gold prices opening flat versus the prior session’s close. SJC gold bars held a VND 137-140 million per tael buy-sell range at most brands, with Bảo Tín Minh Châu the outlier on the buy side at VND 134.5 million. Plain gold rings traded in a narrower band, with SJC the cheapest seller at VND 136.8 million and DOJI the most expensive at VND 139 million.

Internationally, spot gold recovered from a one-year low, supported by a weaker US dollar and lower oil prices. Peter Grant, Vice President and Senior Metals Strategist at Zaner Metals, said the drop in oil had partly eased inflation concerns, though the market still expects the Federal Reserve to raise rates in December. Investors were also watching the US midterm elections on Nov 3. The article does not cite a specific company filing or regulatory announcement; the price table is a market survey of brand quotes.

Market Context

PNJ shares on HOSE closed at VND 15,600 on Nov 2, the reference point for the session in which these gold quotes were published. The flat domestic gold tape reflects a market where retail demand and brand pricing have stabilised after a volatile stretch, while the international leg is doing the adjusting. For a jewellery retailer like PNJ, revenue is driven by volume and fabrication margin rather than the spot price alone, so a stable VND 134-138 million ring range supports predictable retail turnover even as world gold moves.

Strategic Significance

The gap between domestic and international gold prices remains the key structural variable for PNJ. A wide premium supports inventory revaluation but can dampen retail conversion if buyers wait for a correction; a narrow premium does the opposite. The Nov 3 survey shows brand spreads of roughly VND 2-4 million per tael between buy and sell on rings, which is the margin band PNJ and peers earn on plain-gold products. Sustained stability at these levels, with world spot recovering, would suggest the domestic premium is compressing rather than widening, a margin-neutral to mildly positive setup for PNJ’s core retail franchise.

What to Watch

• Daily SJC bar and ring quotes from PNJ, DOJI and SJC to track whether the VND 140 million bar level holds.
• The US midterm election outcome on Nov 3 and its effect on the dollar and Fed December rate expectations.
• December FOMC guidance, which Zaner Metals flags as the main driver of spot gold.
• PNJ’s next monthly or quarterly retail revenue disclosure for volume confirmation.
• Any State Bank of Vietnam statement on gold market management or SJC bar supply.