Multiple Banks Implement Accumulation Gold Purchase Limits; Experts: Insufficient Upward Momentum, Weak Pace

Financial Daily Reporter | Pan Ting Financial Daily Editor | Wen Duo

Recently, as international gold prices continue to fluctuate at high levels, market risks have increased. Several banks have quickly adjusted their rules for accumulated gold trading. China Construction Bank, Industrial and Commercial Bank of China, and others have implemented daily total quota management for accumulated gold products. Once the quota is exhausted, purchases cannot be made for the day.

Since 2025, multiple banks have repeatedly raised the minimum purchase threshold for accumulated gold to between 1,300 and 1,500 yuan. The reporter noted that, unlike previous direct increases in the minimum purchase amount, this round of adjustments has shifted to a “dynamic quota” system.

"Construction Bank has implemented dynamic trading limit management for Jianhang Gold (including Easy Save Gold). Image source: webpage screenshot

Multiple banks announce quota management for accumulated gold business

Bank accumulated gold business involves investors opening an accumulated gold account with a bank and signing an accumulation agreement. Investors can choose to regularly or actively accumulate, purchasing shares of accumulated gold backed by gold assets, which entitles them to exchange for various physical precious metal products. Investors can either redeem their accumulated gold for cash or exchange it at bank sales outlets for various physical precious metal products.

On March 3, China Construction Bank announced that, to further strengthen risk prevention, it has implemented dynamic trading limit management for Jianhang Gold (including Easy Save Gold). Additionally, due to rapid growth in physical precious metal purchases, starting March 3, 2026, delivery orders will have an extended shipping time of 10-15 working days after the order is placed (no shipments on holidays).

The day before, China Construction Bank warned that recent domestic and international precious metal price fluctuations have intensified, significantly increasing market risks. Investors are advised to enhance risk awareness when investing in precious metals, invest rationally and prudently based on their financial situation and risk tolerance, maintain balanced and moderate allocations, and control positions reasonably to avoid blindly following market trends. They should also monitor their holdings and margin balance changes to prevent market risks.

The “Daily Economic News” reporter noted that China Construction Bank is not the first commercial bank to announce quota management for accumulated gold. In January, Industrial and Commercial Bank of China took the lead in adjusting its gold accumulation-related business.

On January 30, ICBC announced that starting February 7, 2026, on non-Trading days such as weekends and statutory holidays, it will implement quota management for the Ruyi Gold accumulation business. Quota types include total or single-client daily accumulation/redemption limits, single-transaction maximums, and dynamic settings. Gold withdrawal is unaffected.

In addition to quota management, some banks have indicated they may implement “temporary market closures” based on market conditions.

On February 28, Zheshang Bank issued a notice stating that if there are significant price fluctuations, liquidity shortages, or a sharp decline in trading capacity in the gold market, the bank may temporarily close its wealth gold accumulation business. During closure, transactions such as gold buying, selling, and physical gold exchanges will be suspended.

Experts: Insufficient upward momentum, weak pace

Since the beginning of this year, international gold prices have been highly volatile. Gold in New York first broke through $5,500 per ounce at the end of January, then entered a correction phase, and has been declining since March 11. As of the latest report, gold prices in New York hover around $5,000.

Many financial institutions have already attempted to cool the hot market, warning clients to “exercise caution when investing in precious metals” and “enhance risk awareness.”

Since 2025, multiple banks have repeatedly raised the minimum purchase threshold for accumulated gold to between 1,300 and 1,500 yuan. For example, ICBC has issued at least six notices during this period, raising the threshold for Ruyi Gold accumulation from 650 yuan to 1,300 yuan; Bank of China has made six announcements, increasing the threshold from 650 yuan to 1,200 yuan; Industrial Bank has also announced multiple increases, raising the minimum purchase from 900 yuan in September 2025 to recently 1,400 yuan; China Construction Bank also raised the starting amount for personal gold accumulation to 1,500 yuan in February.

What does the market expect for future gold prices? Cao Shanshan, senior researcher at COFCO Futures Research Institute, believes that since 1970, gold prices have experienced two complete bull-bear cycles. Currently, the market is in the third phase of the third bull market cycle. Geopolitical conflicts are a core risk event providing upward momentum for gold prices, and this stage has a clear rhythm pattern.

“With the unexpected easing of conflicts between the US, Israel, and Iran… market risk aversion has cooled, and the pace of gold price increases has prematurely ended,” Cao said. Global monetary policy tightening has exceeded expectations, suppressing the gold bull cycle, weakening the risk premium from conflicts. Additionally, increased supply from the oil market has reduced the linkage effect, resulting in insufficient upward momentum and a weak pace for gold prices.