Gold Price Fluctuates Significantly, Shanghai Gold Exchange Issues Risk Control Notice

On the morning of March 23, domestic gold prices rapidly fell below 1,000 yuan per gram. The Shanghai Gold Exchange (SGE) official website shows that the early trading price for Shanghai gold was 982.63 yuan per gram, while the midday quote dropped to 938.58 yuan per gram; the early silver price was 16,718 yuan per kilogram, with the midday quote at 15,541 yuan per kilogram. According to Tonghuashun data, by the close of trading, the precious metals sector declined by 8.3%; among individual stocks, Chifeng Gold hit the daily limit, while Sichuan Gold, Shanjin International, and Hunan Silver fell more than 9%, and China Gold and Hengbang Shares dropped over 8%.

In response to the significant fluctuations in gold, silver, and other precious metal prices, the Shanghai Gold Exchange issued a risk control notice on March 23: recent market instability has been influenced by multiple factors, leading to a sharp increase in price volatility. All member units are advised to closely monitor market changes, prepare detailed risk emergency plans, and maintain market stability. Investors are also reminded to exercise caution, control their positions reasonably, and invest rationally.

It is worth noting that, recently, due to increased volatility in precious metal prices, several banks have gradually tightened their rules for precious metal services. Ping An Bank announced on March 10 that, starting April 1, 2026, it will gradually shut down its agency of individual precious metal trading at the SGE, depending on circumstances. Industrial Bank, Minsheng Bank, and Postal Savings Bank have also announced the closure of their agency services for individual precious metal trading at the SGE.

Meanwhile, several state-owned and joint-stock banks have implemented a series of adjustments regarding gold trading margin requirements, quota management, and trading channels. For example, China Construction Bank stated that, to further strengthen risk control, it has implemented dynamic trading limits for CCB Gold (including Easy Deposit Gold) starting March 4.

Dongguan Securities’ research report pointed out that short-term risk aversion sentiment has eased, and concerns about inflation have reduced expectations of Fed rate cuts. Coupled with a strengthening dollar, this has led to weaker gold prices with oscillations. Currently, the gold market is experiencing intensified bullish and bearish battles, and further clarity on geopolitical developments is needed.