Multiple Factors Drive Some Banks to Tighten Personal Precious Metals Business

Reporter Peng Yan

Recently, several banks have been intensively tightening or withdrawing from the personal precious metals business代理of the Shanghai Gold Exchange (hereinafter referred to as “SHGold”). The adjustment measures include closing trading channels, increasing margin requirements, and clearing existing clients.

On March 10, Ping An Bank announced that after the market close on March 11, the bank will adjust the margin ratio for SHGold precious metals trading contracts Au (T+D), mAu (T+D), and Ag (T+D) to 100%. Since November 2021, the bank has gradually suspended spot real trading and deferred spot trading, and starting April 1, 2026, it will gradually close related business permissions and exit this business as appropriate. For existing clients, the bank reminds them to log in to the “Jujinbao” app or visit branches before March 31 to close positions, sell inventory, transfer funds, or terminate services.

On the same day, Beijing Rural Commercial Bank also announced that from March 11 (inclusive), due to system optimization, it will suspend gold savings withdrawals from SHGold standard gold; withdrawals of Gold Savings from Cai Bai Phoenix Gold and Happy New Year Gold Bars will not be affected.

On February 11, Postal Savings Bank announced that from now until March 13, 2026, 0:00, it will cease代理SHGold personal precious metals business. Clients with positions or inventory can sell or close positions independently via mobile banking from now until March 13, 2026, 0:00. If operations are not completed by this deadline, the bank will enforce forced liquidation or inventory sell-off after market close on March 13.

On February 3, Industrial Bank also announced that due to business development needs, it will close the personal online banking channels for代理SHGold personal precious metals trading after February 14, 2026, while in-branch and mobile banking channels will remain open.

In December last year, ICBC strengthened management of代理personal precious metals trading. For clients with no positions, no inventory, and no debts but with remaining funds in margin accounts, starting December 19, 2022, the bank will batch transfer the margin account balances to the linked settlement accounts and disable related business functions. CITIC Bank began clearing long-term inactive accounts (only available funds, no positions) from November 7, 2025.

Xue Hongyan, a special researcher at the Shanghai Finance and Law Research Institute, told Securities Daily that the core drivers pushing the industry to tighten this business are the combined effects of market risk, business cost-effectiveness, and regulatory compliance requirements.

Regarding market risk, recent significant volatility in precious metals prices, coupled with relatively weak risk control capabilities among individual investors, has heightened the risk of margin calls in extreme market conditions. As a member of SHGold, banks bear the responsibility for clearing and settlement advances, with increasing risk exposure and dispute costs.

From a business value perspective,代理 precious metals trading generates limited commission income but requires banks to invest heavily in risk control and compliance management. After the implementation of new gold trading tax policies in November 2025, banks face additional identification and reporting obligations, further compressing profit margins and prompting reevaluation of the business’s value.

Yang Haiping, a researcher at the Shanghai Financial and Legal Research Institute, told Securities Daily that given the current gold price trends, high volatility is expected to continue, making the withdrawal of banks from代理SHGold personal precious metals business a long-term industry trend.

Xue Hongyan believes that future personal precious metals business will feature three main characteristics: continued reduction and eventual elimination of trading leverage, with high margin ratios becoming the norm; a shift in focus from trading channels to asset allocation services, guiding investors toward rational long-term investment; and ongoing upgrades in client suitability management, with stricter risk assessments.

(Edited by Qian Xiaorui)