PNJ Gold Prices Flat on November 7 as SJC Bars Hold VND 141 Million

Overview

Domestic gold prices were unchanged on the afternoon of November 7, 2026, with SJC gold bars holding at VND 141 million per tael on the sell side across all five surveyed brands and plain gold rings quoted at VND 140.3-140.5 million. For Phú Nhuận Jewelry (PNJ), listed on HOSE, the session confirms a stable retail price floor after a sharp prior-day drop, with its ring spread unchanged at VND 4 million per tael.

Key Facts

• At 15:30 on November 7, 2026, SJC gold bars were quoted at VND 141 million per tael sell-side 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 136.3 million buy and VND 140.3 million sell per tael, flat on both sides and the lowest in the survey.
• SJC, DOJI, Bảo Tín Minh Châu and Bảo Tín Mạnh Hải quoted rings at VND 136.5 million buy and VND 140.5 million sell, a VND 200,000 gap to PNJ on each side.
• PNJ quoted SJC gold bars at VND 138 million buy and VND 141 million sell, unchanged from the previous session.
• Bảo Tín Minh Châu was the outlier on bar buy-side pricing at VND 136.5 million, VND 1.5 million below the VND 138 million quoted by the other four brands.
• The flat session followed a prior-day decline, after prices had risen by up to VND 2 million per tael on November 5.

What Happened

The survey, published on the afternoon of November 7, 2026, compared buy and sell quotes for plain gold rings and SJC gold bars at five major Vietnamese gold retailers: SJC, PNJ, DOJI, Bảo Tín Minh Châu and Bảo Tín Mạnh Hải. At 15:30, neither product had moved from the previous session’s close at any of the five brands, on either the buy or sell side. The article attributes the stability to the market consolidating after a sharp decline in the preceding session.

The only dispersion in the survey was in buy-side pricing. PNJ’s ring buy quote of VND 136.3 million sat VND 200,000 below the VND 136.5 million offered by the other four brands, and its ring sell quote of VND 140.3 million was likewise VND 200,000 below the VND 140.5 million common level. On gold bars, Bảo Tín Minh Châu quoted VND 136.5 million buy against VND 138 million at SJC, PNJ, DOJI and Bảo Tín Mạnh Hải. The article does not state a transaction value or disclose the source of the price data beyond the survey itself.

Market Context

PNJ closed at VND 15,050 on November 7, 2026 on HOSE. The company sits in the personal and household goods sector, where gold retail pricing feeds directly into reported revenue through trading volumes and quoted spreads rather than through commodity exposure alone. The flat national price level after a sharp prior-day fall suggests the market is consolidating rather than trending, a pattern consistent with retail demand pausing after the volatility of November 5, when quotes rose by up to VND 2 million per tael.

Strategic Significance

The relevant variable for PNJ is not the absolute gold price but the spread between its buy and sell quotes and the volume that spread clears. PNJ’s VND 4 million ring spread and VND 3 million bar spread are unchanged, and its quotes sit marginally below the four competitors, a positioning that supports volume capture in a flat market. A sustained period of stable prices tends to normalize retail buying behaviour after volatility spikes, which matters for PNJ’s quarterly revenue mix between gold trading and its higher-margin jewellery segment.

What to Watch

• PNJ’s next monthly or quarterly disclosure of gold trading revenue and gross margin, to test whether flat prices sustained retail volumes.
• Whether PNJ’s VND 200,000 discount to the four competing brands on rings persists or widens, which would signal a deliberate volume strategy.
• Movement in SJC bar quotes away from the VND 141 million sell level, which would indicate a new directional phase for domestic gold.
• Any State Bank of Vietnam policy action affecting gold market supply or the SJC brand’s monopoly position.
• International gold prices and USD/VND movement, which typically drive the next domestic repricing.