Gold prices are hitting record highs, with the world reaching 3,000 USD/ounce and domestic SJC gold prices also peaking. However, the stock price of PNJ, the largest gold company in Vietnam, has sharply declined, losing 18% after three consecutive trading sessions, with market capitalization dropping nearly 7 trillion VND. Despite rising gold prices, PNJ struggles to maintain profitability due to rising input costs and weak consumer demand. The ongoing shortage of gold bars further impacts PNJ’s revenue projections for the coming years. Instead of focusing on gold bar sales, PNJ plans to prioritize jewelry production and potentially increase recycling and buying used jewelry to compensate for raw gold shortages. This year, PNJ aims to open 12 to 25 new stores and target underdeveloped markets to seize potential customer sources. Revisions to relevant regulations are also anticipated to support the company.
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