In 2026, banks began rejecting customers' "mindless gold purchases."

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The opening act of 2026 remains centered on gold. But this time, banks seem intent on persuading ordinary retail investors to step aside and watch from the audience.

At the beginning of the month, Industrial and Commercial Bank of China updated its risk warning regarding personal gold accumulation services. The core content of the announcement focused on risk levels: the risk rating for accumulated gold products has been officially set at R3 (Balanced).

This means that those conservative (R2) clients who were used to treating accumulated gold as "forced savings" or "spare cash management" will lose their eligibility to participate in 2026.

Some joint-stock and city commercial banks acted even faster than the big state-owned banks.

In June 2025, both Ningbo Bank and China CITIC Bank released similar announcements: Ningbo Bank explicitly stated that conservative and balanced clients cannot purchase accumulated gold or time-deposited gold, while CITIC Bank restricted related services to clients rated C3-Balanced and above.

The banks' logic is bluntly realistic.

The super bull market for gold that began in 2024 has dragged on into 2026, with gold prices continually rising. However, the scale of volatility at high prices is rougher than ever, with four days in the past year seeing a "flash crash" drop of over 3% in a single day.

For banks, the commissions from selling accumulated gold are their earnings. Should they face a flood of sales-misleading complaints from low-risk customers during such volatile price swings, it could easily turn into a loss-making business.

Yet, even as they close one door, banks quietly open another. Many foreign banks, joint-stock banks, and city commercial banks have launched new "grand opening" star products—gold-linked structured deposits.

For example, DBS Bank’s "DBS Treasures Wealth Management" debuted a gold-themed bullish structured deposit, with a term of 12 months and annualized yields of 1.5% and 4%, minimum subscription of $10,000 USD;

HSBC China has rolled out structured deposits linked to gold mining companies, with risk level 2, minimum investment $20,000 USD, term of 3 years, coupon annualized at 4.5%, trigger level 103%, minimum return rate 0.1%;

China Merchants Bank has already issued 15 gold-linked structured deposits in 2026, terms range from 7 to 90 days, expected annualized maturity yields of 1%–1.78%, with minimum deposit amounts from 10,000 to 300,000 RMB;

Jiangsu Bank has also launched gold-linked structured deposit products, with 3–6 month deposit products, all starting at 10,000 RMB.

From the bank's perspective, these are "deposit-gathering magic tools": accumulated gold funds are off-balance sheet and can be redeemed at any time, but structured deposit funds are on-balance sheet with a set lock-in period, becoming stable liabilities.

As the battle to protect net interest margins heats up in 2026, banks urgently need such low-cost funds—lockable for three months, or even half a year. Using "principal protection" and "potential high interest" to keep funds excluded from accumulated gold inside the bank is exactly what asset-liability managers are most happy to see.

From the client’s perspective, this is the cure for "fear of heights": with record high gold prices, retail investors hesitate to go all in and chase the rise, yet are also unwilling to stay out and miss out. The safety buffer provided by structured deposits happens to absorb this surplus risk-averse appetite.

What can be observed is that banks' gold business landscape is being reconfigured:

For aggressive (R3 and above) investors, banks offer accumulated gold, ETFs, and even precious metals deferred trading, giving them the chance to ride the waves. For balanced (R2) investors, banks have closed the door on direct gold trading, guiding them towards the "greenhouse" of structured deposits.

This is both regulatory pressure and business calculation. The wild era of gold investing may be coming to an end.

Risk Warning and DisclaimerThe market carries risks; investments require caution. This article does not constitute personal investment advice, nor does it take into account individual users' particular investment objectives, financial situations, or needs. Users should consider whether any opinions, views, or conclusions in this article fit their own specific circumstances. Any investment made based on this is at your own risk. ```