With the continuous strengthening of international gold prices, numerous Chinese and foreign banks have recently launched a dense array of gold-related products. Among these, gold-linked structured deposits, which combine the attribute of "principal protection" with yield flexibility, have particularly captured the attention of risk-averse investors. Since the beginning of 2026, institutions including DBS Bank, Standard Chartered Bank, HSBC China, Jiangsu Bank, Shanghai Rural Commercial Bank, and China Merchants Bank have all rolled out gold-related structured deposits, with potential maximum annualized yields reaching up to 4.5%. Against the backdrop of banks generally tightening risks associated with precious metals businesses, these products offer relatively secure allocation options for investors bullish on gold's trajectory. Beyond individual investors, many listed companies have also incorporated gold-linked structured deposits into their capital allocation scope. Recent disclosures in wealth management announcements reveal that several companies are choosing to position themselves in gold through such products, betting on rising gold prices. Foreign bank products carry higher risk ratings. In the environment of gold market volatility and rising trading risks, structured deposits that promise principal protection still possess significant appeal for attracting capital. Since the start of the year, several Chinese and foreign banks have launched structured deposits linked to gold. On January 1st, DBS Bank's "DBS Treasures" launched a structured deposit with a bullish gold theme, emphasizing "100% principal protection at maturity" and the ability to "capture returns from the performance of the underlying market to enhance yield." This product is linked to the Gold/USD spot price, has a 12-month tenor, a potential maximum annualized return of 4%, a minimum investment of $10,000 USD, and carries a risk rating of Level 1. On January 5th, HSBC China took a different approach with its structured deposit; instead of being directly linked to the gold price, it tracks the performance of gold mining companies such as Zijin Mining, Newmont Gold, and Barrick Gold. The product has a 3-year tenor, an annualized coupon of 4.5%, a trigger level of 103%, a minimum annualized return of 0.1%, a minimum investment of $20,000 USD, and a risk rating of Level 2. The underlying asset for the structured deposit product launched by Standard Chartered Bank is the SPDR Gold Trust. Product information released by the bank on January 7th shows that the product's yield range is 0%–5.0% (non-annualized), with a minimum subscription amount of 50,000 yuan and an investment term of 18 months. In terms of product features, it employs a win-win structure for both price increases and decreases, carrying a risk rating of Level 3. Yang Haiping, a special researcher for the Beijing Wealth Management Association, analyzed that under the current economic situation, trends such as de-dollarization and financial market volatility triggered by geopolitics have boosted market demand for safe-haven assets. Consequently, driven by considerations for asset preservation, market demand for gold persists, the upward trend in gold prices remains clear, and the strong sales momentum for gold continues unabated. The recent launch of gold-related structured deposit products by banks primarily aims to leverage market hotspots, using attractive "flagship products" like gold-linked structured deposits to capture high-quality clients, attract risk-averse capital, and thereby enhance their own performance. Chinese bank products feature lower thresholds. Unlike the longer-term, high-threshold product designs favored by foreign banks, gold-linked structured deposits from Chinese banks generally feature shorter tenors, lower risks, and more affordable minimum investment amounts. On January 7th, the structured deposit released by the Wuxi Branch of Jiangsu Bank is linked to gold, with product tenors of 3 months and 6 months, a minimum deposit amount of 10,000 yuan, and expected annualized yields of either 1%, 1.89%, or 2.09%. On January 8th, Shanghai Rural Commercial Bank launched a personal structured deposit linked to London gold, with product tenors ranging from 7 days to 91 days, all carrying a "Low" product risk rating, and a subscription starting point of 10,000 yuan. For products with investment terms of 7 days and 14 days, the expected return range is 1.20%, 1.53%, or 1.55%; for the 35-day product, the range is 1.20%, 1.58%, or 1.60%; and for the 91-day product, the expected return range is from 1.20% to 1.65%. China Merchants Bank offers the most diverse range of products. As of January 13th, the bank had 15 gold-linked structured deposits on sale, with tenors from 7 days to 90 days, expected annualized yields ranging from 1% to 1.78%, minimum deposit amounts varying from 10,000 to 300,000 yuan, and all carrying an R1 low-risk rating. Yang Haiping believes that the differentiated types of structured deposit products between Chinese and foreign banks are due, on one hand, to their different customer bases and target client positioning. Foreign banks primarily target high-net-worth clients, while Chinese banks serve the mass retail investor market more extensively. Furthermore, there is a significant gap in the risk management capabilities and experience for structured deposit products between Chinese and foreign banks. Structured deposits are typically based on derivative financial products, requiring high risk management proficiency. Foreign banks possess more experience and stronger capabilities in this area, leading to corresponding differences in their product strategies and business approaches, resulting in the current variation in product types. Listed companies are also showing favor. Beyond individual investors, several listed companies have also allocated funds to gold-linked structured deposits in their 2026 wealth management plans. Disclosures from the listed company Fudan Zhangjiang show that the company purchased 270 million yuan worth of Ping An Bank's gold-linked structured deposits. This product has an expected annualized yield between 0.45% and 2.13%, with a term of 83 days. Disclosures of basic information on entrusted wealth management from Geer Software show that the company purchased 100 million yuan of China Merchants Bank's "Dianjin Series" Bullish Two-Tier Range 58-Day Structured Deposit. This product carries an R1 low-risk rating and an estimated annualized收益率 of either 1.00% or 1.65%. Furthermore, gold-linked structured deposits appeared in the disclosed wealth management product lists of several other listed companies, including Akeli, Sundy Service, Zhongke Meiling, and Zhihui Mining. Behind such allocation choices lies the overall upward trend in the gold market recently. A report from the World Gold Council indicated that gold set over 50 record highs in 2025, with a cumulative increase exceeding 60%, marking the largest annual gain since 1979. Entering 2026, market避险 sentiment remains unabated. On January 13th, London spot gold hit a high of $4,610.68 per ounce, rising over 2% intraday to set another record high. Against the backdrop of gold prices operating at high levels, many gold-related products have recorded favorable performance. Numerous domestic and foreign institutions have stated in their research that gold's medium to long-term performance remains promising. Some listed companies have also mentioned in their announcements that purchasing gold-linked structured deposits is based on their analysis and judgment of gold price trends. "Given the recent strong upward trend in gold prices, if funds are idle for a longer period, considering structured deposits with longer tenors could be an option," a bank client manager noted. The final return on a structured deposit is closely tied to market performance; the recent rise in gold prices is relatively favorable for clients seeking both principal protection and enhanced yield. It is important to note that structured deposits differ from ordinary bank deposits. Although they promise principal protection and are primarily invested in bank deposit products, because their structure embeds financial derivatives, they contain an investment component. Therefore, depositors bear a certain level of risk to obtain the corresponding yield. If market performance deviates from the product's expected trajectory, investors might receive a lower return (if the product has a minimum guaranteed return) or no return at all (if the product has no minimum guarantee). Taking a recently offered gold-linked structured deposit as an example, the final interest rate level depends on the Gold/USD price on the designated observation date. If the product's期末 price fails to break through the first volatility range (i.e., "initial price -228 to initial price +217"), the maturity yield is 1.36%. If the期末 price breaks upward through the first range, the maturity yield is 1.56%. If the期末 price breaks downward through the first range, the maturity yield is 1%. Previously, due to factors such as不规范 product design and risks of capital idling, regulators guided large and medium-sized banks in 2020 to continue reducing the scale of structured deposits, after which the deposit规模 for this product type saw a significant decline.
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