Core Viewpoint - As more banks adjust their gold business, investors need to remain vigilant regarding potential risks in the gold derivatives market [1][2]. Group 1: Bank Adjustments - Everbright Bank announced adjustments to its gold business, effective October 20, 2025, which includes gradually terminating business relationships with clients who have no positions in the Shanghai Gold Exchange's spot and deferred business [3][5]. - The bank will also adjust the margin requirements for various gold contracts, increasing the standard margin ratio for Au(T+D) contracts from 38% to 40% and for Ag(T+D) contracts from 41% to 43% [5]. Group 2: Industry Context - Several banks, including Industrial Bank, China Merchants Bank, and China Construction Bank, issued risk warnings on the same day as Everbright Bank's announcement, indicating a broader industry trend towards caution in gold trading [5]. - The adjustments are seen as necessary for risk control, particularly as individual clients engaging in gold derivatives trading face higher risks due to smaller transaction sizes and different trading purposes compared to institutional clients [6]. Group 3: Market Conditions - The international gold price recently surpassed $4,200 per ounce, reaching historical highs, but has shown signs of correction, dropping below $4,230 per ounce [6].

Core Viewpoint - The recent volatility in global commodity prices, particularly in precious metals, has prompted banks to tighten their operations in this sector to protect individual investors and manage risk exposure [1][2][3]. Group 1: Market Conditions - The Shanghai Gold Exchange has noted significant fluctuations in global commodity prices due to international factors, leading to increased market risks [1]. - The international gold price has recently dropped to a new low for the year, impacting the domestic gold investment market [3][4]. Group 2: Bank Responses - Several commercial banks, including Industrial and Commercial Bank of China (ICBC), have raised margin requirements for various gold contracts, with ICBC increasing the margin for Au (T+D) from 34% to 42% and for Ag (T+D) from 38% to 46% [2][3]. - ICBC announced a suspension of new positions in personal gold deferred contracts and buying transactions for physical gold starting August 15, 2023, due to heightened market risks [2][3]. Group 3: Regulatory Environment - The tightening of personal precious metal business by banks is seen as a response to regulatory requirements aimed at protecting individual investors and reducing leverage risks [4][5]. - The trend of banks adjusting their precious metal trading operations is not new, with similar measures taken during previous periods of market instability, such as at the end of 2020 [4]. Group 4: Investor Guidance - Analysts recommend that investors recognize the current complex macroeconomic environment and high investment risks, suggesting they control their investment scale and explore lower-risk alternative investment channels [5].