Amid ongoing volatility in precious metals prices, several major state-owned banks have taken further action. Recently, multiple state-owned banks announced increases in the margin ratios for their agency services involving deferred precious metals contracts with the Shanghai Gold Exchange (SGE). Notably, some banks have raised the margin requirement for these contracts to 100%, effectively reducing leverage to a 1:1 ratio and requiring investors to provide full margin collateral matching their transaction value.

On February 25, Industrial and Commercial Bank of China (ICBC) issued a notice stating that, starting from the close of settlement on February 27, the standard trading margin ratio for agency client contracts—including Au(T+D), mAu(T+D), Au(T+N1), Au(T+N2), NYAuTN06, and NYAuTN12—would be adjusted from 80% to 100%. Differentiated margin requirements were adjusted in the same direction and proportion. Similarly, the standard trading margin ratio for Ag(T+D) contracts was raised from 80% to 100%.

ICBC explained in the announcement that the adjustment was made in response to significantly increased risks in the precious metals market and aimed at protecting investor interests in accordance with relevant risk control requirements. This was not the bank's first margin increase this year; on February 9, it had already raised the standard margin ratio for the aforementioned gold contracts from 60% to 80% and for Ag(T+D) from 66% to 80%.

Agricultural Bank of China also lowered leverage to a 1:1 ratio. On February 25, the bank announced that, starting from the close of settlement on Thursday, February 26, the margin ratio for Au(T+D), mAu(T+D), and Ag(T+D) contracts would be adjusted from 80% to 100%.

Additionally, China Construction Bank announced on February 25 that, effective from the close of settlement on Friday, February 27, the margin ratios for Au(T+D), mAu(T+D), Au(T+N1), Au(T+N2), NYAuTN06, NYAuTN12, and Ag(T+D) contracts would be increased from 80% to 100%.

Bank of China released a related notice on February 24, though its required margin ratios have not yet reached 100%. According to the notice, the client margin ratio for silver deferred contracts was adjusted from 77.49% to 77.52%, while the ratio for gold deferred contracts remained unchanged at 55.44%.

It is worth noting that while these state-owned banks were raising margin requirements, the Shanghai Gold Exchange had announced a reduction in margin ratios for some precious metals contracts. In a February 24 notice regarding adjustments to margin levels and price fluctuation limits for certain contracts, the SGE lowered the margin ratio for contracts such as Au(T+D), mAu(T+D), Au(T+N1), Au(T+N2), NYAuTN06, and NYAuTN12 from 21% to 18%, effective from the close of settlement that day. Daily price limits were also adjusted from 20% to 17%. For Ag(T+D) contracts, the margin ratio was reduced from 27% to 24%, with daily limits adjusted from 26% to 23%. The margin per lot for CAu99.99 contracts was lowered from 200,000 yuan to 180,000 yuan.

Industry analysts suggest that banks chose to tighten trading rules further, rather than align with the SGE’s reductions, as a risk management measure to protect investors. Under previous T+D business rules, investors could trade large amounts by posting only a fraction of the value as margin. The current tightening by banks indicates heightened perceived risks in the market.

In fact, a series of recent moves show that, amid sharp fluctuations in precious metals prices, banks are continuing to scale back high-risk precious metals operations. Since last year, multiple banks—including state-owned, joint-stock, and city commercial banks—have announced adjustments to their agency SGE precious metals businesses, including closing inactive accounts with no open positions.

Beyond leveraged trading activities, banks have also modified other precious metals services. A notable example is the adjustment of rules for gold accumulation plans, with several banks raising participation thresholds since last year.

To enhance investor risk awareness, banks have also adjusted the risk tolerance ratings required for personal client gold accumulation businesses. Currently, many banks classify these services as medium-risk.

Precious metals are currently experiencing significant volatility. Recent influences such as tariff policies and geopolitical risks have driven sharp increases in gold and silver prices. As of the New York close on Friday, February 27, spot gold rose 1.75%, reaching a daily high of $5,275.82 per ounce, while spot silver surged 6.33% to $93.8333 per ounce.