黄金热居高不下 多家银行发行挂钩黄金的结构性存款

Core Viewpoint - In 2025, international gold prices experienced a historic bull market, with London spot gold prices rising from approximately $2646 per ounce at the beginning of the year to over $4367.8 per ounce by year-end, marking an annual increase of about 65% [1][6]. Group 1: Market Trends - The current domestic bank deposit rates are at a low, with some short-term deposit rates starting with "0", such as the Industrial and Commercial Bank of China's 3-month deposit rate at 0.65% and large-denomination certificates of deposit at only 0.9% [2][7]. - In contrast, the gold market has been on the rise, prompting multiple banks to launch gold-linked structured deposit products to cater to risk-averse investors seeking higher returns [2][8]. Group 2: Structured Deposit Products - Banks like China Merchants Bank and Bank of Communications have introduced various gold-linked structured deposit products, offering features like "principal protection + floating returns" and flexible term options [2][8]. - For instance, China Merchants Bank's "Point Gold" series includes products with terms ranging from 7 to 181 days, with expected annualized returns of 1%, 1.58%, or 1.78% based on gold price fluctuations [2][8]. - Bank of Communications offers a series of structured deposits with annualized returns ranging from 0.5% to 3.2%, depending on the performance of the Shanghai Gold Exchange AU99.99 contract [2][8]. Group 3: Investment Considerations - While structured deposits are generally considered safe with principal protection, the potential for returns is tied to the performance of the underlying assets, such as gold prices [4][10]. - Analysts suggest that the first quarter of 2026 will see a peak in the maturity of higher-rate fixed deposits, making structured deposits an attractive option for banks to maintain funding stability [4][10]. - Investors are advised to thoroughly understand the terms and risks associated with structured deposits, as they cannot be withdrawn early and the highest advertised returns may not be guaranteed [5][11].