Vietnam Gold Prices: SJC Bars at VND 141M, PNJ Rings at VND 140.3M

Overview

Domestic gold bar prices were quoted at VND 141 million per tael on 9 November, with 9999 gold rings selling at VND 140.5 million per tael across major brands, according to the price tables closing 8 November. PNJ (HOSE) listed its rings at VND 136.3 million buy and VND 140.3 million sell, VND 200,000 per tael below SJC on both sides, while buy-side spreads between brands widened notably.

Key Facts

• SJC gold bars: VND 138 million buy / VND 141 million sell per tael, a VND 3 million spread.
• PNJ gold bars: VND 138 million buy / VND 141 million sell, matching SJC and DOJI.
• PNJ 9999 gold rings: VND 136.3 million buy / VND 140.3 million sell, VND 200,000 below SJC on both sides.
• Bảo Tín Minh Châu bars: VND 136.5 million buy / VND 141 million sell, a VND 4.5 million spread.
• Bảo Tín Mạnh Hải rings: VND 134.5 million buy / VND 139.5 million sell, the widest spread at VND 5 million.
• Phú Quý rings: VND 137.5 million buy, the highest buy-side quote, against VND 140.5 million sell.
• International spot gold opened the week at USD 3,875 per ounce and reached USD 4,147 per ounce on 5 November, per Kitco News.

What Happened

The price tables, compiled from brand quotations closing 8 November, show sell-side prices for gold bars converging at VND 141 million per tael across SJC, PNJ, DOJI, Bảo Tín Minh Châu, Bảo Tín Mạnh Hải and Phú Quý. The divergence sits on the buy side: Bảo Tín Minh Châu quoted VND 136.5 million, Phú Quý VND 137.5 million and the remaining brands VND 138 million, producing spreads of between VND 3 million and VND 4.5 million per tael. In the 9999 ring segment, sell-side quotes clustered at VND 140.5 million, with PNJ the outlier at VND 140.3 million and Bảo Tín Mạnh Hải at VND 139.5 million.

Internationally, gold had a volatile week shaped by US midterm election results, dollar moves and expectations around Federal Reserve monetary policy. Spot gold opened at USD 3,875 per ounce and recovered to USD 4,147 per ounce during the 5 November session, according to Kitco News, which the article attributes in part to the Democratic Party winning control of both chambers of Congress. The article does not state a closing international price for 8 November.

Market Context

PNJ trades on HOSE and closed at VND 15,050 on 8 November. The company sits in the personal and household goods sector, where bullion and ring trading volumes are sensitive to the gap between domestic and international prices and to buy-side spreads. Domestic quotations near VND 141 million per tael for bars and VND 140.5 million for rings remain elevated in absolute terms, and the wide inter-brand buy spreads indicate dealers are pricing in differing inventory and hedging costs rather than competing on the sell side.

Strategic Significance

For PNJ, the ring segment matters more than bars: the company’s quote sits marginally below SJC on both sides, which preserves volume competitiveness while keeping its spread at VND 4 million per tael, in line with SJC and DOJI. The wider spreads at smaller brands suggest the market is rewarding balance-sheet capacity to absorb hedging risk during a period of sharp international swings. If global gold holds near the upper end of the USD 3,875 to USD 4,147 range, PNJ’s retail gold revenue per tael rises with the underlying price, though margin per tael depends on holding the current spread rather than compressing it to defend share.

What to Watch

• Daily SJC and PNJ quotations for any compression of the VND 4 million ring spread.
• International spot gold closes relative to the USD 4,147 per ounce peak on 5 November.
• PNJ’s next monthly or quarterly disclosure on gold segment revenue and inventory.
• Federal Reserve policy communication following the US midterm outcome.
• Any State Bank of Vietnam intervention or statement on gold market management.