[Industry information] Several banks tightened personal precious metal trading business

Recently, the Industrial and Commercial Bank of China issued a notice to adjust the personal precious metal trading business of the Shanghai Gold Exchange. The reporter of China Securities News combed and found that since the first half of this year, many commercial banks, including Industrial and Commercial Bank of China, China Construction Bank and Industrial Bank of China, have tightened their personal precious metal trading business to varying degrees. The specific measures include restricting new account opening, increasing the margin ratio, suspending the purchase transaction and terminating the agency relationship.

Industry insiders pointed out that due to the recent volatility of the precious metal market, the uncertainty of the international financial market has increased. In order to protect the rights and interests of investors, many banks have made adjustments to relevant businesses. It is suggested that investors should pay attention to the changes in the international financial market, adjust their investment positions appropriately and effectively prevent risks.

Increased market uncertainty

On July 6, the Shanghai Gold Exchange issued the Notice on Doing a Good Job of Market Risk Control in the Near Future, which mentioned that the global commodity prices have fluctuated significantly and the market risk has increased significantly due to the influence of international factors.

The recent fluctuations in the precious metal market and the decline in the price of gold and silver are the main reasons for banks to tighten their personal precious metal trading business. ICBC staff told reporters that due to the recent rise in uncertainty in the international financial market, ICBC has adjusted its relevant businesses in order to adapt to changes in the market situation and protect the rights and interests of investors.

Since the second quarter, the price of precious metals has fluctuated and declined. Take the spot price of gold in London as an example, the price rose to 2070.21 US dollars/ounce on March 8 and continued to fluctuate. As of July 14, the spot price of gold in London was 1711.21 US dollars/ounce, with a cumulative decline of more than 17% during the period.

Zhou Maohua, a macro researcher of the Financial Market Department of Everbright Bank, believes that the current precious metal market is facing a complex environment and the price fluctuation is increasing. For investors, the potential risks are increasing, especially some trading varieties are leveraged; At the same time, the regulatory authorities attach great importance to the implementation of investor suitability management by financial institutions. The tightening of personal precious metal trading business by financial institutions is a signal to the market that relevant market risks are too high at present.

Some analysts said that the factors affecting the price of precious metals are complex, and the price trend of precious metals is often affected by monetary policy, especially the loose monetary policy of the Federal Reserve, which increases the risk of price fluctuations of precious metals.