① China Merchants Bank issued a notice on the adjustment of the gold account business. The starting point for gold account current account and fixed subscription of gold accounts was adjusted from 500 yuan to 600 yuan, and the purchase and redemption service period for the gold account business was extended. ② The increase in the starting amount of gold deposit business by other banks actually raised the business threshold moderately, reflecting that some institutions are cautious about the current level of gold prices and potential future risks.
Financial Services Association, March 20 (Reporter Cao Yunyi) After CCB took the lead in announcing an extension of trading hours for gold-related businesses, China Merchants Bank followed suit. Today, China Merchants Bank issued a notice on the adjustment of the gold account business. The starting point for gold account current account and fixed subscription of gold accounts was adjusted from 500 yuan to 600 yuan, while extending the purchase and redemption service period for the gold account business.
A number of experts told the Finance Association reporter that the increase in the starting amount of gold deposit business by individual banks actually raised the business threshold moderately, reflecting that some institutions are cautious about the current level of gold prices and potential future risks. Gold prices have risen sharply, market enthusiasm for buying and investment demand are heating up, and the continued increase in demand will further increase the volatility of gold prices. This series of actions may indicate the beginning of an inflection point in gold policy, and we need to be cautious about investing at high levels of gold.
A number of banks raised initial deposit purchase amounts and extended service hours
According to the China Merchants Bank announcement, starting from March 27, 2024, the starting point for increasing the current period of the gold account and the fixed amount subscription for the gold account was adjusted from 500 yuan to 600 yuan. At the same time, the gold account business purchase and redemption service was extended for two hours, from 9:00-22:00 Beijing time on the trading day to 9:00-24:00 Beijing time.
On March 18, China Construction Bank adjusted the transaction time for personal gold savings business from 9:10 to 22:30 Beijing time to 9:10 to 24:00 Beijing time. Among them, the exchange transaction time was 9:10 to 16:30 Beijing time, and the transaction time for personal gold deposit business during Easter and Christmas was also adjusted.
A Financial Services Association reporter combed through and found that the Bank of China, China Construction Bank, and Bank of Ningbo have recently adjusted the investment threshold, and all raised the initial deposit purchase amount to 600 yuan. Among them, the Bank of China made the biggest adjustment. Previously, the minimum purchase amount was 480 yuan, and it was adjusted to 600 yuan from March 15.
According to the bank, this adjustment is due to recent large fluctuations in domestic gold prices. If the purchase amount is less than 600 yuan, the transaction application will not be successfully submitted.
Zhou Maohua, an analyst at the Financial Markets Department of Everbright Bank, told the Financial Association that the increase in the starting amount of gold deposit business by individual banks actually raised the business threshold moderately, and also reminded investors to a certain extent to the risk of potential future fluctuations. “Recently, individual banks have raised deposit threshold amounts, etc., and have raised the 'threshold' for related businesses. The related business has been slightly 'tightened', reflecting that some institutions are cautious about the current level of gold prices and potential future risks.”
Investors need to be cautious about the recent pullback in gold
The price of gold reached a new high after the beginning of the year. At one point, it was close to 2,200 US dollars/ounce, but recently there has been a correction. The market is concerned about the Federal Reserve's monetary policy, and the uncertainty of interest rate cut predictions has put the price of gold in a tight state. Although international institutions are still optimistic about the future performance of gold, the potential risks for ordinary investors are also increasing.
Zhou Maohua said that international gold prices have recently reached a new high, but gold prices have fluctuated drastically, reflecting large differences in the market, and corresponding potential risks are also increasing.
“Currently, gold is at a high historical level. There are still many uncertainties affecting the gold price trend. Investors are required to be professional. From a steady investment perspective, investors need to invest rationally, diversify their investment portfolios, grasp the pace of accumulation, and prevent potential risks of fluctuations. Recently, gold prices have fluctuated drastically, and the gold recycling market business has risen rapidly. It also shows that the market still has large differences over the gold price trend, and the price of gold is greatly affected by economic data.” Zhou Maohua's advice to investors.
Independent financial commentator Guo Shiliang told the Financial Federation reporter that the price of gold has risen sharply, market enthusiasm for purchasing and investment demand are heating up, and the continued rise in demand will further increase the volatility of gold prices. This series of actions may indicate the beginning of an inflection point in gold policy, and we need to be cautious about investing at a high level of gold.
“Although gold will still reach new highs in history, gold will also experience bear markets, such as 2011-2015. The adjustment period was not short. Gold prices still fluctuate in a certain cyclical manner, and we need to be cautious when rising at a high level.” Guo Shiliang thinks.