The short-term correction in gold prices has led to an increase in the starting point of gold accumulation business, which is the eighth adjustment in the year

Finance Associated Press

2024-04-26 16:47Published on the official account of Cailianpress, a subsidiary of Shanghai Shanghai Poster Industry Group

Finance Associated Press, April 26 (Reporter Guo Zishuo) Gold prices remain high, attracting another large bank to adjust the starting point of gold accumulation business purchases.

The Postal Savings Bank recently announced that from May 1, it will dynamically adjust the purchase starting point of gold accumulation business according to the gold market situation, and the adjusted starting point amount is higher than the average closing price of the Au99.99 contract on the Shanghai Gold Exchange in the previous natural month, and is an integer multiple of 10 yuan. Accumulation plans that were in effect before the purchase threshold adjustment are not affected.

The starting point of the current round of bank adjustment for the purchase of gold accumulation business can be traced back to the beginning of last month. At that time, CCB issued an announcement that the starting amount of the bank's personal gold accumulation business was raised from 500 yuan to 600 yuan from March 7. Since then, a number of banks have followed suit. According to incomplete statistics from the Financial Associated Press, the Postal Savings Bank is the eighth commercial bank to adjust the starting point for the purchase of gold accumulation business during the year.

A number of analysts believe that banks have adjusted the starting point for gold accumulation business purchases, mainly because the price of gold continues to rise, and the regulatory requirement that "the minimum business unit of gold accumulation products is 1 gram". As a result, the gold price continues to rise, and it is necessary to adjust the starting point of the accumulation amount accordingly.

The reporter of the Financial Associated Press noticed that since this week, although the international gold price has begun to pull back from the $2,400 line, it has consolidated rapidly near $2,300, showing that it has encountered strong downward resistance. As of press time on April 26, the price of COMEX gold rose 0.63%, and the upward momentum is still strong.

Zhou Maohua, a macro researcher at the financial market department of Everbright Bank, told the Financial Associated Press: "Recently, individual banks have raised the starting amount of accumulation funds. On the one hand, according to the business transaction rules, institutions need to adjust the minimum purchase amount of accumulated funds as the price of gold rises, and on the other hand, the 'threshold' of related businesses has been raised, and the relevant business has been slightly 'tightened', reflecting that some institutions remain cautious about the current gold price level and potential future risks. ”

A number of banks have adjusted the starting point for the purchase of gold accumulation business

Prior to the current round of adjustment of the Postal Savings Bank, many banks adjusted the purchase starting point of gold accumulation business. For example, from March 30, the starting amount of the accumulation plan of the gold regular investment business will be adjusted from 500 yuan to 600 yuan. After the adjustment, the new accumulation plan must meet the bank's latest threshold amount requirements.

Among them, the Agricultural Bank of China raised the starting point of gold accumulation twice in a row during the year. On January 5, the Agricultural Bank of China raised the starting point for the purchase of the No. 2 deposit fund from 450 yuan to 500 yuan. On March 29, the Agricultural Bank of China once again adjusted the starting amount of the Deposit Pass No. 2 regular investment transaction, and the purchase threshold will be adjusted to 550 yuan, and the incremental unit of the transaction will remain unchanged (10 yuan). Agricultural Bank of China also said at that time that it would continue to adjust the starting amount of fixed investment with reference to the market gold price in the future.

From the point of view, banks including Bank of Ningbo, Bank of China, China Merchants Bank, Agricultural Bank of China, Ping An Bank, Bank of Communications and other banks have successively issued announcements to raise the minimum deposit amount of accumulation funds ranging from 50 yuan to 120 yuan. In Zhou Maohua's view, the current gold price is at a historical high, volatility has intensified, and before the market is further clear, it is not ruled out that there will be follow-up adjustments by institutions.

The threshold for accumulating gold continued to increase, which was driven by the rising gold price during the year. In the first quarter of 2024, the world's major economies continued to implement loose monetary policies, the U.S. economic data fell short of expectations, geopolitical conflicts escalated, central banks continued to increase their holdings of gold, and gold prices rose strongly, repeatedly breaking record highs, data from the China Gold Association said today.

Since the beginning of this week, although the international gold price has begun to pull back from the $2,400 line, it has consolidated rapidly near $2,300, showing that it has encountered strong downward resistance.

Many parties remind investors to be wary of risks

Many parties agreed that gold is still at a historically high level, and there are still many uncertainties affecting the trend of gold prices, and gold price volatility may increase in the short term.

Fan Ruoying, a researcher at the Bank of China Research Institute, predicts that under the combined effect of the three major factors of the global central bank's continued "de-dollarization", the rising global geopolitical uncertainty and the Fed's monetary policy shift, the upward momentum of gold prices will remain strong in the future. But even during an upcycle, gold prices are still volatile. Considering the downward revision of the Fed's interest rate cut expectations and the current situation of gold prices overshooting, it is expected that gold price volatility may increase in the short term.

Zhou Maohua said that at present, gold is at a historically high level, and there are still many uncertainties affecting the trend of gold prices, and there are high requirements for investor professionalism.

The China Gold Association pointed out that since March, gold prices have risen rapidly, and trading volume has risen sharply month-on-month. In this regard, the exchange has adopted certain market risk control measures. The Shanghai Gold Exchange issued a notice to increase the margin ratio and price limit of gold deferred contract trading, while the Shanghai Futures Exchange implemented trading limits for gold futures varieties and raised the handling fee of the main gold futures contract.

Last week, China Construction Bank issued an announcement on the market risk reminder of precious metal trading business, pointing out that the recent fluctuations in precious metal prices at home and abroad have intensified, and the market risk has increased, so customers need to invest rationally, improve the risk prevention awareness of personal gold accumulation and other precious metal trading business, reasonably control positions, and pay attention to the changes in positions and margin balances in a timely manner.

(Finance Associated Press reporter Guo Zishuo)

View original image 86K

• 

•