El precio del oro muestra alta volatilidad a corto plazo, y la estrategia de gestión de riesgos bancaria se está orientando hacia ajustes dinámicos

Securities Times reporter Huang Yulin

On March 25, the spot gold trend continued its recent high volatility characteristics, briefly breaking the $4600/ounce mark during the session.

Looking back at the market on March 23, spot gold continuously lost the $4500, $4400, $4300, $4200, and $4100/ounce thresholds, falling below $4100/ounce for the first time since November 2025, with an intraday drop of 9.75%, erasing all gains for the year.

In the face of the short-term accumulation of volatility risks in the precious metals market, domestic banks have responded quickly with risk control mechanisms. According to Securities Times reporters, this week, state-owned banks including Bank of China, Agricultural Bank of China, Industrial and Commercial Bank of China, China Construction Bank, and Bank of Communications, as well as joint-stock banks like China Minsheng Bank and China Merchants Bank, have intensively issued announcements to remind investors of the market risks associated with precious metals business.

The aforementioned announcements stated that recent domestic and international precious metals prices have fluctuated sharply, with significant increases in uncertainty factors, raising market risks, and particularly reminded customers to fully and prudently assess their risk tolerance, comprehensively consider their financial situation, and conduct precious metals trading business in a stable manner, maintaining a rational investment mindset. At the same time, it is necessary to closely monitor market changes, reasonably control the position scale, and effectively prevent market volatility risks.

In addition to issuing risk warning announcements, several banks have also begun to adjust transaction rules for precious metals businesses such as gold accumulation. Among them, China Construction Bank and Industrial and Commercial Bank of China stated that under certain conditions, they will implement limit management on gold accumulation purchases to control the total amount of precious metals transactions; China Merchants Bank and Jiangsu Bank are also adjusting transaction fees, increasing the cost of short-term trades.

Industry insiders pointed out that the measures mentioned above represent a proactive shift in banks’ risk control thinking for precious metals business from the previous “static defense” to “dynamic adjustment,” guiding investors to make reasonable long-term asset allocations.

For example, China Merchants Bank adjusted the buy-sell transaction spread for gold account business at the same quote point to 5 yuan/gram, with an increase of 2 yuan/gram on the buy side spread, while the sell side spread remains unchanged. The adjusted spread scheme is expected to run until June 27; starting from the market opening on June 29, the buy and sell spreads for China Merchants Bank’s gold account business at the same quote point will be adjusted to 2.5 yuan/gram.

Jiangsu Bank adjusted the fee schedule for gold accumulation business starting January 1, 2026. For purchases, redemptions, and exchanges of physical gold conducted at this bank, the baseline charging standard is 1.5 yuan/gram; from January 1 to March 31, 2026, a preferential price of 1.2 yuan/gram will be implemented (1 yuan/gram in 2025); from April 1 to December 31, 2026, a preferential price of 1.4 yuan/gram will be implemented.

Looking ahead, many institutions still see long-term strategic allocation value in gold.

The World Gold Council (WGC) recently released the latest market report indicating that the gold market is currently in a clear “wait-and-see mode.” As there is a lack of important macroeconomic data guidance this week, it is expected that the short-term trend of gold will closely follow the daily developments in the Middle East situation. The navigation status of the Strait of Hormuz has become a key variable influencing current market sentiment. Nevertheless, institutional investors’ optimistic attitude towards the long-term strategic allocation value of gold remains unchanged.

The macro team of CITIC Construction Investment released a research report stating that the medium to long-term bullish logic for gold has not been damaged, but in the short term, it is necessary to wait for the liquidity shock to diminish.