Several major Chinese banks are making significant moves to limit retail trading of precious metals in response to the market’s growing volatility. Industrial and Commercial Bank of China (ICBC) announced it would cease individual trading in precious metals tied to the Shanghai Gold Exchange starting July 24. Postal Savings Bank of China, Ping An Bank, and China Guangfa Bank have also revealed plans to suspend or exit the same trading market due to the recent escalation of volatility. This shift comes as the price of gold dropped below US$4,000 per ounce for the first time since November, reflecting a market…
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