Chinese banks halt retail gold trading on Shanghai exchange

Major Chinese banks, including ICBC, Postal Savings Bank, Ping An Bank, Bank of China, China Guangfa Bank, Huaxia Bank, China Construction Bank, China Merchants Bank, CITIC, Industrial and Commercial Bank and others, announced the termination of gold‑ and silver‑brokerage services for individual customers on the Shanghai Gold Exchange (SGE). The closures take effect from July 24‑27 2026, and affected contracts cover a range of products such as Au99.99, Au100g, Au(T+D), mAu(T+D), Ag(T+D) and related silver contracts.

Simultaneously, many of the same banks have raised margin requirements for deferred‑settlement precious‑metal contracts to 120% or higher, effectively eliminating the use of leverage. Regulators and bank officials say the measures are meant to tighten risk control after recent sharp price swings in gold and other metals. Customers are urged to close or settle open positions promptly; otherwise, banks may enforce forced liquidations and transfer any proceeds to the customers’ payment accounts. Analysts expect the higher margins to curb short‑term speculation and improve market stability, even though liquidity may be reduced in the short run.