Gold has recently become one of the most prominent global assets, driving significant interest in gold-related wealth management products. Wind data indicates that the issuance of such products has accelerated noticeably since 2025. Since the beginning of 2026, 11 gold-linked wealth management products have been launched, marking a significant increase compared to the same period last year.

However, as gold prices have recently pulled back, the net asset values of these products have experienced slight declines. Industry experts advise investors to avoid short-term speculative behavior and instead focus on long-term asset allocation. For products embedded with complex derivative structures, investors should clearly understand the conditions for returns and the potential maximum risks involved.

Six wealth management companies have introduced gold-linked products. According to Wind data, as of February 10, there were 86 active or soon-to-mature wealth management products with "gold" in their names. In 2025, 32 gold-linked products were established, accounting for nearly 40% of the total. This represents an increase of seven products compared to the 25 established in 2024. Prior to 2024, 21 such products were launched, mostly by foreign institutions.

In January of this year, three institutions—China Merchants Bank Wealth Management, Everbright Wealth Management, and China Minsheng Bank Wealth Management—collectively launched eight new gold-related products, compared to only one product from China Merchants Bank Wealth Management during the same period last year. Three additional products were issued in February. Overall, the issuance of gold-linked wealth management products has intensified over the past two years, with a particularly notable acceleration this year.

As of February 10, China Merchants Bank Wealth Management had the highest number of active or soon-to-mature gold-related products, totaling 27. Everbright Wealth Management followed with 22 products. Other domestic wealth management companies, including Ping An Wealth Management, Zheshang Bank Wealth Management, China Minsheng Bank Wealth Management, and Bohai Bank Wealth Management, have also introduced gold-linked offerings. Additionally, foreign banks such as Standard Chartered, HSBC, Bank of East Asia, and DBS Bank have issued numerous gold-related wealth management products.

A representative from Everbright Wealth Management stated that in 2025, all of the company's "gold+" products met their performance benchmarks, achieving a 100% success rate. The average annualized returns were on par with market-leading levels, helping investors enhance returns while controlling volatility. Benefiting from strong gold market performance and robust product design, these products have gained widespread investor favor, with assets under management growing by more than 351% year-on-year.

Yang Haiping, a special researcher at the Beijing Wealth Management Industry Association, noted that the increase in gold-linked wealth management products is driven by two main factors: first, declining market interest rates have prompted investors to seek alternative products; second, record-high gold prices have fueled investment enthusiasm, leading wealth management companies to innovate and launch gold-related products to meet client demand.

Xue Hongyan, a special researcher at Jiangsu Suning Bank, highlighted that the significant rise in gold-linked products since 2025 results from a combination of market conditions, institutional strategies, and investor demand. Strong gold price performance has been the most direct driver, enhancing the appeal of linked products. At the same time, traditional fixed-income wealth management products face yield pressures, prompting companies to diversify asset classes to optimize portfolios and enhance returns.

In terms of returns, data from the financial platform PUYI Standard shows that as of February 4, the annualized return of active gold-related wealth management products since inception was 3.1996%, with a one-year annualized return of 3.5024%. In comparison, the one-year annualized return for the broader wealth management product market was 2.44% as of February 1, with "fixed-income+" products also averaging 2.44%.

Among the 86 gold-linked products, 47 are "fixed-income+" type, accounting for about 55%, followed by 24 equity-linked products, eight fixed-income products, six hybrid products, and one commodity and financial derivative product.

Analysis of Wind data reveals that most "fixed-income+" gold-linked products have performance benchmarks ranging between 1% and 5%, with some exceeding 6%. For example, China Merchants Bank Wealth Management’s Focus Link Gold 15 Fixed-Income Wealth Management Plan has a benchmark range of 0.90%–6.45%, with slight variations across share classes. Hybrid products tend to have higher benchmarks, such as Everbright Wealth Management’s Sunshine Qing Rui Ying 3 and Sunshine Qing Rui Ying 1, with benchmarks of 2%–10% and 2%–8%, respectively.

A research report by Huabao Securities from April 2024 explained that most active gold-linked wealth management products are structured products linked to the Shanghai Gold Exchange’s AU9999 spot contract. These products feature wide performance benchmark ranges, with higher returns achievable if gold price movements meet specified conditions. Common return structures include bullish/bearish, range-bound, cumulative, and shark fin types, which describe the payoff profiles of derivative investments.

In terms of asset allocation, "fixed-income+" gold-linked products typically allocate no less than 80% to fixed-income assets, with some products limiting commodity and financial derivative exposures to 5% or less.

Everbright Wealth Management’s representative noted that over 95% of assets in "gold+" products are allocated to high-credit-quality, low-volatility fixed-income instruments such as bank deposits, certificates of deposit, and money market tools, forming a stable return base. The remaining 2%–5% is invested via derivatives, such as binary call options linked to SGE Gold 9999, with multiple observation dates to capture gold price upside.

"This structure ensures that investors receive basic fixed-income returns even if gold prices fluctuate. If gold prices rise and trigger profit-taking conditions, the product locks in enhanced returns early," the representative added.

Overall, gold-linked wealth management products are predominantly "fixed-income+" in structure, with few equity or hybrid offerings. Yang Haiping suggested that this aligns with the risk preferences of bank wealth management clients, who are primarily individual investors with low to moderate risk tolerance. "Fixed-income+" products allow these investors to benefit from gold price appreciation while maintaining stable returns.

Xue Hongyan pointed out that core clients of domestic wealth management firms are sensitive to net value fluctuations and generally seek steady returns. "Fixed-income+" products, which primarily invest in bonds and use a small portion to link to gold via derivatives or ETFs, meet the demand for "stable returns with modest enhancement." These products feature clear structures and controllable risks, such as "shark fin" options that capture gains within predefined gold price ranges.

"Investors should avoid short-term speculative mindsets," experts caution. Since the beginning of the year, gold price volatility has intensified. International spot gold rose from approximately $4,300 per ounce on January 2 to nearly $5,600 on January 29, a gain of nearly 30%, before sharply retreating to $4,402.06 on February 2. As of February 10, spot gold recovered to $5,050.815 per ounce, down 0.16% on the day.

Concurrently, gold-linked wealth management products experienced minor net value declines. For instance, China Minsheng Bank Wealth Management’s Maozhu Fixed-Income Gold Enhanced Half-Year Holding Product saw its net value drop from 1.0734 on January 29 to 1.0663 on February 2, a decline of 0.66%. However, overall drawdowns were milder compared to stock or ETF-based products.

The Everbright Wealth Management representative stated that 2026 is expected to be characterized by high volatility in risk assets, including gold. The firm plans to optimize its "gold+" product strategies and structures by introducing more diverse tools, such as ternary options, covered call strategies, spread options, and range accrual options. These strategies can generate returns from time value or range-bound price movements, improving success probabilities amid volatile market conditions.

The firm also aims to offer more flexible product terms, including shorter durations like three or six months, to meet liquidity needs while retaining longer-term options for asset allocation purposes. Additionally, Everbright will increase the issuance of public offering "gold+" products with holding periods, enabling broader investor access to gold investments with low costs and low thresholds.

Xue Hongyan emphasized that gold’s sharp volatility in 2026 serves as a reminder to investors. He advised understanding that gold is not a zero-volatility asset and that price fluctuations directly impact product net values. Investors should avoid short-term speculation, treat gold as part of a long-term diversified portfolio, and carefully control its allocation weight.

He also urged investors to thoroughly review product terms, understand return structures and risk sources, and be aware of trigger conditions and maximum risks, especially for complex derivative-embedded products. "In volatile markets, strategies like phased investing or regular fixed-amount contributions can help smooth costs. Investors should monitor key macroeconomic factors influencing gold prices but avoid frequent trading based on short-term fluctuations," Xue concluded.