12月30日，隔夜国际贵金属价格收盘全线暴跌。COMEX黄金期货价格跌4.45%，已回落至4300美元/盎 司附近；COMEX白银期货价格跌7.2%，报71.64美元/盎司。现货白银价格大跌近9%，现货钯价格跌 超15%，现货铂价格跌超14%。 这一情绪也迅速传导至A股市场。30日早盘，贵金属板块大面积低开，白银有色跌停，豫光金铅、兴业 银锡、贵研铂业、晓程科技跌幅靠前。 而此次芝商所的保证金调整，同样是针对前期贵金属市场的非理性飙升。回顾近期行情，由于美联储降 息和美元走弱、各国央行持续增持黄金等因素共振。今年下半年以来贵金属价格开启强劲上涨模式。仅 近一个月时间，白银、铂金等品种涨幅就超40%。 其中，白银年内涨幅已高达140%，超越黄金同期涨幅。这背后源于白银兼具避险与工业双重属性，新 能源产业的快速发展持续扩张对白银的工业需求。美银数据显示，自2021年起白银市场便持续处于供不 应求状态，全球库存已降至十年以来的低位。 在此背景下，国内交易所近期也多次提升贵金属保证金和涨跌停板幅度。黄金、白银期货合约涨幅最新 调整为15%，套保持仓交易保证金比例调整为16%，一般持仓交易保证金比例调整为17%。 对于 ...

Core Viewpoint - The recent announcements by Industrial and Commercial Bank of China (ICBC) and China Construction Bank (CCB) to suspend certain gold accumulation services are responses to macroeconomic policy directions and market volatility, aiming to regulate market order and manage risk exposure [1][2]. Group 1: Bank Actions - ICBC has suspended the acceptance of new accounts, proactive accumulation, new fixed accumulation plans, and applications for physical gold extraction from November 3, while existing customers' fixed accumulation plans remain unaffected [1]. - CCB has also suspended real-time purchases, new investment purchases, and physical gold exchanges for its easy storage gold business, effective from November 3, while existing investment plans and account operations remain intact [1]. Group 2: Market Regulation - The banks' actions are seen as routine measures to align with macroeconomic policies aimed at curbing irrational trading and preventing systemic risks associated with price volatility in the precious metals market [2]. - The recent announcement by the Ministry of Finance and the State Taxation Administration regarding gold tax policies, effective from November 1, 2025, is expected to further influence the market dynamics [2]. Group 3: Consumer Impact - The decision to reduce new fund inflows is intended to guide investors towards more rational participation in precious metal trading, thereby avoiding excessive speculation that could heighten market volatility [3]. - Existing customers' rights regarding active accumulation plans, redemptions, and account closures remain unchanged, indicating that the new policies do not adversely affect current users [3].