PNJ Gold Prices Hold at 141 Million VND as SJC Bars Steady on Nov 7

Overview

Domestic gold prices opened flat on the morning of Nov 7 after a sharp prior-session decline, with SJC gold bars quoted at 141 million VND per tael on the sell side across all five surveyed brands and plain gold rings at 140.3-140.5 million VND. Vàng Phú Nhuận (PNJ), listed on HOSE, quoted ring gold at 136.3-140.3 million VND and SJC bars at 138-141 million VND, holding both sides unchanged from the previous close.

Key Facts

• SJC gold bars held at 141 million VND per tael on the sell side at all five surveyed brands on the morning of Nov 7.
• Plain gold rings traded at 140.3-140.5 million VND per tael on the sell side, 500,000-700,000 VND below SJC bar quotes.
• PNJ quoted ring gold at 136.3 million VND buy / 140.3 million VND sell, unchanged from the prior close.
• PNJ quoted SJC bars at 138 million VND buy / 141 million VND sell, also flat on both sides.
• SJC bars fell 1.4 million VND per tael on the sell side during the Nov 6 session, while rings fell 300,000 VND at some brands.
• PNJ’s ring quotes were the lowest in the survey, 200,000 VND below SJC, DOJI, Bảo Tín Minh Châu and Bảo Tín Mạnh Hải on both the buy and sell sides.
• Bảo Tín Minh Châu quoted the lowest SJC bar buy price at 136.5 million VND, 1.5 million VND below the 138 million VND offered by SJC, PNJ, DOJI and Bảo Tín Mạnh Hải.

What Happened

The Nov 7 survey, published by Vietnamese gold-price tracking media, covered quotes from SJC, PNJ, DOJI, Bảo Tín Minh Châu and Bảo Tín Mạnh Hải at the market open. According to the report, no brand adjusted either buy or sell prices from the previous session’s close, following a Nov 6 session in which SJC bars lost 1.4 million VND per tael on the sell side and rings slipped 300,000 VND at several brands.

The article attributes the stability to gold businesses holding the prior session’s closing levels rather than reacting to fresh moves. It does not cite a specific company filing or regulatory announcement, and it does not disclose trading volumes or foreign gold prices, so the driver of the prior session’s decline is not established in the source.

Market Context

PNJ shares closed at 15,050 on Nov 6, the reference price supplied for this note. The flat gold quotes follow a one-session pullback in the metal rather than a trend reversal, and the spread structure is the more informative signal: PNJ’s ring quotes sat at the bottom of the surveyed range on both sides, while SJC bar sell prices were identical at 141 million VND across all five brands. The source does not provide domestic gold price history beyond the Nov 6 move, so the position of these levels relative to longer-run ranges cannot be assessed from the article alone.

Strategic Significance

For PNJ, a jewellery retailer and gold trader on HOSE, the relevant variable is the ring-gold spread rather than the headline SJC bar level. PNJ’s 200,000 VND discount to peers on both the buy and sell sides of rings implies a slightly tighter margin per tael than competitors, though the source does not break out volumes, so the revenue effect is unknown. The uniform 141 million VND SJC bar sell price across brands suggests the bar segment remains coordinated at the ceiling, leaving ring gold as the competitive battleground where brand pricing differences actually surface.

What to Watch

• PNJ’s next quarterly earnings disclosure for gold trading revenue and inventory gains or losses.
• Daily ring-gold spread data to see whether PNJ’s 200,000 VND discount to peers persists or narrows.
• Domestic gold price direction following the Nov 6 decline, and whether SJC bars hold the 141 million VND sell level.
• Any State Bank of Vietnam intervention or policy statement affecting gold market supply and the SJC bar monopoly.
• Foreign-ownership and block-trade filings on HOSE for PNJ around the current 15,050 reference price.