2026年，银行开始拒绝客户“无脑买金”

Core Viewpoint - The banking sector is shifting its approach to gold investment products, aiming to discourage retail investors from participating in personal accumulation gold products due to increased risks associated with gold price volatility [1][3]. Group 1: Changes in Banking Policies - Industrial and Commercial Bank of China has updated its risk assessment for personal accumulation gold products, categorizing them as R3 (balanced), which excludes conservative investors who previously viewed these products as safe savings options [1]. - Other banks, such as Ningbo Bank and Citic Bank, have also restricted access to accumulation gold products for conservative and stable investors, limiting eligibility to those classified as C3 (balanced) and above [2]. Group 2: Market Dynamics and New Offerings - The gold market is experiencing significant volatility, with multiple instances of sharp price drops, prompting banks to reconsider their strategies for handling low-risk clients who may file complaints about misleading sales [3]. - In response, banks are introducing new products like gold-linked structured deposits, which offer higher potential returns while providing a safety net for investors wary of high gold prices [4]. - Examples of these new structured deposits include offerings from DBS Bank and HSBC, with varying terms and interest rates designed to attract different investor profiles [2][4]. Group 3: Strategic Implications for Banks - Structured deposits are seen as a tool for banks to secure low-cost funding while managing risk, as they provide a stable liability compared to accumulation gold products, which are more volatile [4]. - The restructuring of gold investment offerings indicates a shift in the banking sector's strategy, where aggressive investors are still catered to, while conservative investors are guided towards safer structured products [5].