Gold prices have shown significant strength this year but recently experienced heightened volatility. Against this backdrop, major state-owned banks including ICBC, ABC, BANK OF CHINA, CCB, BANKCOMM, and PSBC have successively adjusted their gold-related businesses. They are strengthening risk management by raising entry thresholds, adding risk assessment requirements, and issuing investment guidance to promote more rational investor participation.
Industry experts indicate that despite short-term price fluctuations, precious metals like gold retain medium-to-long-term allocation value, supported by core factors such as global safe-haven demand and shifts in asset allocation logic. However, investors must remain highly vigilant regarding market volatility risks and adhere to rational investment principles.
The adjustments made by the state-owned banks cover critical areas such as minimum deposit thresholds, trading limits, and risk assessments, with implementation timelines being highly concentrated.
On February 1, ICBC stated that recent violent fluctuations in domestic and international precious metal prices have significantly increased market uncertainty. The bank advised investors to maintain a rational investment mindset based on a prudent assessment of their own risk tolerance and to avoid blindly chasing rallies or selling in panic. It recommended considering investments from a medium-to-long-term perspective, adhering to principles of batch diversification and moderate balance. Investors were urged to closely monitor market movements, reasonably control position sizes, and effectively guard against market volatility risks.
Previously, on January 30, ICBC announced on its official website that it would adjust the rules for its Ruyi Gold Accumulation Plan and amend the agreement text. Starting February 7, during non-trading days of the Shanghai Gold Exchange such as weekends and public holidays, the bank will implement quota management on the plan. These quotas include daily accumulation/redemption limits for the entire plan or single clients, maximum single transaction amounts for accumulation or redemption, and will be dynamically set, though physical gold withdrawals remain unaffected.
On January 30, CCB announced that, effective 9:10 AM on February 2, the starting amount for its personal gold accumulation plan's regular investments (including average daily accumulation and optional daily accumulation) would be raised to 1,500 yuan. The bank stated it would continue monitoring gold market developments and adjust the starting amount as appropriate. CCB also highlighted the recent intensification of volatility in domestic and international precious metal prices and the consequent increase in market risk. It advised investors to enhance their risk prevention awareness for precious metal businesses, invest rationally based on their financial situation and risk tolerance, reasonably control positions, and promptly monitor holdings and margin balance changes to mitigate market risks.
BANKCOMM issued an announcement on January 29 stating that, from January 31, only individual clients with a signed Precious Metals Wallet agreement and a current valid risk tolerance assessment result of "Growth," "Aggressive," or "Speculative" would be eligible to conduct all business under the wallet. Clients with assessment results of "Conservative," "Stable," or "Balanced" could only perform real-time selling, physical metal exchange, accumulation plan termination, and agreement cancellation; the execution of valid accumulation plans would not be restricted by the risk assessment result. Furthermore, starting January 31, individual clients with a valid risk assessment result of "Balanced," "Growth," "Aggressive," or "Speculative" could purchase the "Wode Gold" gold-generating product.
Additionally, BANK OF CHINA, ABC, and PSBC have all released announcements adjusting their gold-related businesses and reminding clients of transaction risks.
Xue Hongyan, a special researcher at Sushang Bank, commented that the recent intense volatility in gold prices is the primary reason for the banks' coordinated adjustments. To mitigate business risks and fulfill their obligations for investor suitability management, multiple banks are optimizing business rules by raising entry thresholds and strengthening risk assessments. This approach helps match investors with appropriate risk levels, guides rational investing, protects investor rights, and reduces compliance risks for the banks.
From a market performance perspective, precious metals, with gold at the core, have continued an upward trend since 2026, with gold and silver performing particularly well. However, recent price volatility has been significant, making the future market direction a key focus.
Yang Haiping, a researcher at the Shanghai Institute of Finance and Law, suggested that in the short term, speculation triggered by the nomination of a new Federal Reserve Chair might lead to expectations of tighter USD liquidity, potentially suppressing gold prices, while profit-taking pressure remains. However, from a medium-to-long-term view, factors such as declining real interest rates, persistent inflation, and the weakening of US dollar credibility due to US debt still strongly support gold prices, which have not yet peaked. After experiencing fluctuations, the attractiveness of precious metal allocations remains strong; geopolitical and financial market risks persist, affirming their safe-haven function, and their low correlation with stocks and bonds means their allocation value remains largely unaffected.
Xue Hongyan believes the future market for gold-centric precious metals will present a complex picture. In the short term, following rapid rises and deep corrections, the market may enter a phase of consolidation, with mixed bullish and bearish factors maintaining high volatility levels. Over the medium to long term, the macroeconomic backdrop supporting precious metals—such as global uncertainties and certain structural long-term demand factors—remains intact, providing underlying support, though volatility is likely to become the norm.
For investors, Xue Hongyan highlighted three key risk categories: first, price risk inherent in market volatility itself, where short-term swings can be extreme during turbulent periods; second, monetary policy动向 and related regulatory changes in major global economies, which can significantly impact the market; and third, liquidity risks of investment products and the potential for trading rule adjustments. He emphasized that investors must fully understand their own risk preferences, avoid excessive leverage, and choose investment instruments that match their individual circumstances.
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