China’s largest bank just told retail gold traders to pack it up. Industrial and Commercial Bank of China, the world’s biggest bank by assets, announced it will halt retail precious metals trading services linked to the Shanghai Gold Exchange after settlement on July 24, 2026.
ICBC isn’t alone. Postal Savings Bank of China, Ping An Bank, and China Guangfa Bank are all winding down similar retail trading services.
What happened and why it matters
The announcements came on June 24-25, giving retail traders roughly one month to figure out their next move. Existing clients have three options: close their positions, liquidate their holdings, or take physical delivery of their assets before the deadline.
Gold prices have been on a wild ride in 2026, peaking at nearly $5,600 per ounce earlier this year before tumbling below $4,000. That’s a decline of roughly 30%, the kind of swing that turns leveraged retail positions into financial emergencies very quickly.
