Sou Hu Cai Jing·2026-01-07 07:25Core Viewpoint - The precious metals investment market is experiencing regulatory changes as banks tighten access to gold accumulation services, with expectations of rising gold prices continuing among institutions [1][5]. Group 1: Regulatory Changes - Industrial and Commercial Bank of China (ICBC) announced an increase in the risk tolerance level for personal gold accumulation services to C3-Balanced and above, effective January 12, 2026, making it the first major state-owned bank to raise the entry threshold this year [1][3]. - The adjustment requires new customers to undergo a risk assessment and achieve a C3-Balanced rating or higher to participate in new gold accumulation activities, a significant increase from the previous requirement of C1-Conservative [3][5]. - Existing customers are not affected by this change and can continue to manage their accounts normally, but any new investments will need to meet the new risk level [3][5]. Group 2: Industry Trends - Other banks have followed suit, with several institutions raising the entry requirements for gold accumulation services since the second half of 2025, indicating a clear trend of enhanced risk control across the industry [5][6]. - Citic Bank and Zhongyuan Bank have also implemented similar measures, requiring customers to achieve a C3-Balanced rating for new agreements and investments [5][6]. - The tightening of access is seen as a necessary step for banks to fulfill their responsibilities in investor suitability management and to mitigate compliance risks [6]. Group 3: Market Outlook - Despite the tightening of access, international gold prices have been on the rise, with spot and futures gold prices surpassing $4,400 per ounce as of January 5, 2026 [7]. - Institutions like Goldman Sachs and UBS have optimistic forecasts for gold prices, predicting potential increases to $4,900 and $5,000 per ounce, respectively, by the end of 2026 [9]. - The volatility of gold prices is influenced by various factors, including the U.S. dollar exchange rate and geopolitical events, highlighting the need for investors to consider their risk tolerance when investing in gold-related assets [9].