Major Chinese banks have begun to scale back precious metals trading services for individuals, in tandem with the sharp decline in gold and silver prices after years of strong gains.

Industrial and Commercial Bank of China Limited, the largest bank in China by assets, announced that it will stop providing brokerage services for individuals to trade precious metals on the Shanghai Gold Exchange, effective July 24, urging customers to close their positions before that date.

China Guangfa Bank also asked its clients to liquidate their precious metals positions before the end of the month, warning of resorting to forced liquidation of open positions. In contrast, the bank clarified that investors can still invest through exchange-traded funds and gold accumulation products.

These steps came after gold fell below $4,000 per ounce this week, continuing its decline from record levels reached earlier this year.

The banks attributed their decisions to risk management considerations, amid sharp volatility witnessed in precious metals markets in recent months, while other Chinese banks had previously taken similar measures to restrict individual trading in this sector.

Despite these restrictions, individual investors can still access the gold market through brokerage firms or through savings and gold accumulation programs offered by commercial banks over the long term.

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