Multiple Factors Drive Some Banks to Tighten Personal Precious Metals Business

Our 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 cash purchases and deferred delivery of spot transactions, and starting April 1, 2026, it will gradually revoke 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 temporarily suspend the gold savings withdrawal and standard gold business on SHGold; however, gold savings withdrawal services for Caibai Phoenix Gold and New Year Gold Bars will not be affected.

On February 11, Postal Savings Bank announced that from now until March 13, 2026, 0:00, the bank will cease代理SHGold personal precious metals business. Clients with open positions or inventory can use mobile banking channels to sell or close positions from now until March 13, 2026, 0:00. If operations are not completed within this period, the bank will enforce forced liquidation or inventory sale after the market close on March 13.

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

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, the bank will batch transfer the margin account balances to the settlement account linked to this business and disable related functions. CITIC Bank, from November 7, 2025, will begin clearing long-inactive accounts (only available funds, no positions).

Xue Hongyan, a special researcher at Sichuan Commercial Bank, told Securities Daily that the core drivers pushing the industry to tighten this business are market risk, business cost-effectiveness, and regulatory compliance requirements.

Regarding market risk, recent significant volatility in precious metals prices, combined with the relatively weak risk control capabilities of individual investors, increases the risk of margin calls in extreme market conditions. As a member of SHGold, banks bear the responsibility of clearing and settlement, with rising risk exposure and dispute resolution costs.

From a business value perspective,代理 precious metals trading generates limited commission income but requires banks to invest substantial resources in risk control and compliance management. After the new gold trading tax policy was implemented 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 will likely continue, making the withdrawal 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; shifting the business focus from trading channels to asset allocation services, guiding investors toward rational long-term asset allocation; and ongoing upgrades in customer suitability management, with stricter risk assessments.