The Industrial and Commercial Bank of China (ICBC) announced it will stop providing intermediary services for individual retail trading of precious metals on the Shanghai Gold Exchange after settlement on July 24, 2026 [1, 2]. Earlier, China Guangfa Bank warned clients to close precious metals positions before 3:30pm Hong Kong time on June 25, 2026, or face forced liquidation by the end of June [1, 2].
Other lenders, including Postal Savings Bank of China and Ping An Bank, have either suspended or planned to exit retail precious metals trading services earlier this year [1, 3, 2]. Banks cited risk management concerns and high volatility in spot and deferred delivery gold and silver trading as drivers behind their decisions [1, 2].
The spot gold price sharply declined below US$4,000 per ounce in June 2026, down from a near-record high of nearly US$5,600 per ounce reached in January 2026 [1, 3, 2]. The retreat in gold prices was influenced by a stronger US dollar, rising US interest rate expectations, and reduced chances of Federal Reserve rate cuts [3].
Chinese banks have not been issuing new precious metals trading accounts to individual investors since 2020, focusing instead on institutional players [1, 2]. Retail investors retain options to invest through gold accumulation plans, exchange-traded funds tracking precious metals, or trading via brokerages on the Shanghai Futures Exchange [1, 2].
The upcoming deadline for ICBC to cease retail intermediary services is July 24, 2026, shortly after which retail clients will no longer be able to conduct precious metals trades through the bank on the Shanghai Gold Exchange [1, 2]. Meanwhile, clients of China Guangfa Bank had to close positions by June 25 or face forced liquidation by month end [1, 2].
