Chinese Banks Restrict Gold Trading Following Price Collapse
Main Chinese banks have begun tightening restrictions on individual trading of gold and precious metals, announcing the suspension of brokerage services that allow gold trading on the Shanghai Stock Exchange starting in July. This move is part of efforts to manage risks and reduce short-term speculation. This comes after gold prices fell below $4,000 per ounce, down from record levels of around $5,600 in January, amid the impacts of the US-Iranian conflict and expectations of rising interest rates. Chinese authorities are focusing on guiding investors toward long-term investment tools and reducing market volatility.
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