Chinese banks are swiftly reducing retail trading of precious metals as gold prices drop below US$4,000 an ounce for the first time since November, signaling increased market volatility. Industrial and Commercial Bank of China (ICBC) announced it would cease individual trading in precious metals linked to the Shanghai Gold Exchange starting July 24. This decision mirrors actions taken by other banks like Postal Savings Bank of China, Ping An Bank, and China Guangfa Bank, indicating a widespread retreat from this trading sector. The pullback in gold prices from earlier highs this year has led banks to enhance risk controls on…
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