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الاقتصادية
Chinese banks cap personal gold trades
Some major Chinese banks have halted individual trading services for precious metals, including gold and silver, following the end of a multi-year bullish trend that led to significantly higher prices. The country’s largest bank, the Industrial and Commercial Bank of China, announced that it will cease brokerage services after July 24. Other banks have asked clients to close their positions by designated deadlines, while allowing them to invest through pooled products or exchange-traded funds. These steps come as part of the banks' efforts to limit transactions in precious metals for risk management reasons, after gold prices fell below $4,000 an ounce from a peak of $5,600 in January. Demand has also declined amid tensions between the United States and Iran and rising interest rates.
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