Since the beginning of 2026, gold prices have been fluctuating at high levels, making gold-related investment products the "hot favorites" in the wealth management market. It has been learned that many domestic and foreign banks have seized the opportunity to intensively launch structured deposit products linked to gold. With their core advantages of "principal protection + floating returns" and flexible term options, these have become a new choice for investors looking to enter the gold market, with some products offering annualized returns as high as 5%.
Domestic banks are focusing more on short-term flexible allocation and low thresholds to attract a broad range of investors. For example, the Xinhe series product launched by Shanghai Rural Commercial Bank on January 8 is linked to London gold, with terms covering 7 days, 14 days, 35 days, and 91 days, and an expected annualized return range of 1.20% to 1.65%. Jiangsu Bank's Wuxi branch recently launched two gold-linked structured deposits with terms of 3 months and 6 months, both requiring a minimum deposit of 10,000 yuan, offering expected annualized returns of either 1%, 1.89%, or 2.09%. China Merchants Bank's "Dianjin" series products cover terms from 7 days to 181 days. The "Dianjin Call Three-Tier Range Weekly Deposit" available from January 9 offers an expected maturity annualized return of 1%, 1.27%, or 1.47%, depending on whether the gold price breaks through specified fluctuation ranges.
Foreign banks, on the other hand, are targeting the long-term, high-yield segment, aiming at high-net-worth clients. For instance, on January 1, DBS Bank launched a series of principal-protected structured deposit products linked to the gold USD spot price, with an annualized return range of 1.5% to 4.0%, a 12-month term, and a minimum subscription amount of $10,000. On January 7, Standard Chartered Bank launched a structured deposit product linked to the SPDR Gold Trust, with a non-annualized return range of 0% to 5.0%, a minimum subscription amount of 50,000 yuan, and an investment term of 18 months. This product features a win-win structure whether the price rises or falls, offers 100% principal protection at maturity, and carries a risk rating of 3.
Lou Feipeng, a researcher at Postal Savings Bank of China, stated that the intensive launch of gold-linked structured deposit products by banks is primarily aimed at capturing the market window of rising gold safe-haven sentiment, better serving clients' investment needs, while also boosting their retail AUM (Assets Under Management) and fee-based income to optimize revenue structure and alleviate net interest margin pressure.
As investment enthusiasm climbs, related risk warnings are also being upgraded, making rational allocation key. Lou Feipeng indicated that for ordinary investors, gold structured deposits offer both principal protection and potential return flexibility. Compared to physical gold, ETFs, or futures, they feature lower barriers to entry, simpler operation, and controllable risk, making them one of the better current options for gold allocation. However, their performance is closely tied to gold price movements. If gold prices rise significantly, investors can obtain the upper limit of floating returns; if gold prices correct or stagnate, they might only receive the guaranteed minimum return or even close to zero return, depending on the specific product structure design.
Regarding product selection, Lou Feipeng advised investors to focus on four key aspects: whether returns are genuinely linked to actual gold price performance, whether complex trigger conditions are set, term liquidity restrictions, and whether the possibility of maximum loss is clearly disclosed. He emphasized the need to carefully read product terms and clearly understand product attributes before investing.
Tian Lihui, a finance professor at Nankai University, stated in an interview that the return mechanism of such structured deposits possesses "asymmetry." Whether gold prices experience sharp corrections or continue to surge, investors often more easily receive mid-range or lower returns. During a significant gold price correction, if extreme conditions are not triggered, the principal remains safe but returns typically only reach the minimum or guaranteed level. When gold prices continue to climb sharply, once they breach the preset observation range upper limit or cap in the contract, returns are locked at the highest tier and cannot increase further with rising gold prices. This design allows banks to hedge their own risks but converts extreme price volatility into an opportunity cost for investors.
Tian Lihui further emphasized that investors need to see through the "principal protection" facade and discern three core risks: First, the core risk of returns falling short of expectations, urging investors to clearly understand the trigger conditions for each return tier, especially the "maximum yield," as these conditions often impose strict limits on gold price fluctuation ranges. Second, liquidity risk, as these products generally cannot be redeemed early during the term, locking up funds. Third, opportunity cost risk, meaning potentially missing out on other more promising investment opportunities during the holding period, especially being constrained by the return cap during a unilateral gold bull market.
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