Multiple Banks Implement Accumulation Gold Purchase Limits; Experts: Insufficient Upward Momentum, Weak Pace

Financial Daily Reporter | Pan Ting Financial Daily Editor | Wen Duo

Recently, as international gold prices remain volatile at high levels, market risks have increased. Several banks have quickly adjusted their gold savings trading rules. China Construction Bank, Industrial and Commercial Bank of China, and others have implemented daily total quota management for gold savings products. Once the quota is exhausted, purchases cannot be made for the rest of the day.

Since 2025, multiple banks have repeatedly raised the minimum purchase threshold for gold savings to between 1,300 and 1,500 yuan. Notably, unlike previous direct increases in the minimum purchase amount, this round of adjustments has shifted to a “dynamic quota” system.

"Construction Bank has implemented dynamic trading limits for Jianhang Gold (including Easy Save Gold). Image source: webpage screenshot

Multiple banks announce quota management for gold savings business

Bank gold savings business involves investors opening a gold savings account at a bank, signing a savings agreement, and purchasing shares backed by gold assets through regular or proactive savings. This entitles them to exchange these shares for various physical precious metal products. Investors can choose to redeem for cash or visit bank sales outlets to exchange for available physical precious metal products.

On March 3, China Construction Bank announced that to further strengthen risk control, it has implemented dynamic trading limits for Jianhang Gold (including Easy Save Gold). Additionally, due to rapid growth in physical precious metal purchases, from March 3, 2026, delivery orders will have extended shipping times of 10 to 15 working days after the order is placed (no shipments on holidays).

The day before, China Construction Bank warned that recent fluctuations in domestic and international precious metal prices have intensified, significantly increasing market risks. Investors are advised to enhance risk awareness when investing in precious metals, invest rationally and prudently based on their financial situation and risk tolerance, maintain balanced and moderate allocations, and control positions to avoid blindly following market trends. They should also monitor their holdings and margin balances to prevent market risks.

The Daily Economic News reporter noted that China Construction Bank is not the first commercial bank to announce quota management for gold savings. In January, ICBC took the lead in adjusting its gold savings-related business.

On January 30, ICBC announced that starting February 7, 2026, on non-Trading days such as weekends and statutory holidays, it will impose quota limits on the Ruyi Gold Savings business. These limits include total or single-client daily savings/redemption caps, single transaction limits, and dynamic adjustments, with the exception of gold withdrawal.

In addition to quota management, some banks have indicated they may implement “temporary market closures” based on market conditions.

On February 28, Zheshang Bank issued a notice stating that if there are significant price fluctuations, liquidity shortages, or a sharp decline in trading capacity in the gold market, the bank may temporarily close its wealth gold savings business. During closure, transactions such as gold buying, selling, and physical gold exchanges will be suspended.

Experts: Insufficient upward momentum, weak pace

This year, international gold prices have been highly volatile. At the end of January, New York gold prices first broke through $5,500 per ounce, then entered a correction phase, and have been declining since March 11. As of the latest report, gold prices in New York hover around $5,000.

Many financial institutions have already attempted to cool the hot market, warning clients to “exercise caution when investing in precious metals” and to “enhance risk awareness.”

Since 2025, multiple banks have repeatedly raised the minimum purchase threshold for gold savings to between 1,300 and 1,500 yuan. For example, ICBC has issued at least six notices increasing the threshold from 650 yuan to 1,300 yuan; Bank of China has also announced six times, raising the threshold from 650 yuan to 1,200 yuan; Industrial Bank has repeatedly announced increases, with the minimum purchase amount rising from 900 yuan in September 2025 to recently 1,400 yuan; China Construction Bank also raised the starting amount for personal gold savings to 1,500 yuan in February.

What is the market outlook for gold prices? Cao Shanshan, senior researcher at COFCO Futures Research Institute, believes that since 1970, gold prices have experienced two complete bull and bear cycles. Currently, the market is in the third phase of the third bull cycle. Geopolitical conflicts serve as core risk events, providing upward momentum for gold prices, and this phase has a clear rhythm pattern.

“With the unexpected easing of conflicts between the US, Israel, and Iran… market risk aversion has cooled, and the pace of gold price increases has prematurely ended,” Cao said. Global monetary policy tightening has exceeded expectations, suppressing the gold bull market cycle, weakening the risk premium from conflicts, and disrupting the original rhythm. Additionally, increased supply from the oil sector has offset some demand, reducing the linkage effect on oil prices, resulting in insufficient upward momentum and a weak pace for gold prices.