On the evening of March 22, topics related to "gold price" once topped the Weibo hot search list.

Since last year, the price of gold has continued to rise, frequently setting new historical highs. On March 20, London spot gold hit an all-time high of $3,057.51 per ounce. On March 21, the international gold price fell back, with the London spot gold price hitting a low of $2,999.268 per ounce; COMEX gold futures fell to $3,028.2 per ounce, down 0.51%.

The closing price of the main contract of the Shanghai Futures Exchange (Shanghai Gold 2504) fell to 705.14 yuan/gram in the night session.

Previously, many large commercial banks have responded by issuing risk warnings to investors or adjusting the threshold for gold investment. Among them, China Construction Bank, Industrial and Commercial Bank of China and other institutions have issued similar announcements many times this year.

According to a report by Beijing Business Daily on the 23rd, on social platforms, many consumers shared their experiences of buying gold with credit cards. These consumers mainly bought gold by swiping their credit cards when the price of gold fell, and then sold it when the price of gold rose to make a profit from the difference. Some consumers even said that they used their credit cards to swipe 300,000 yuan to buy gold.

"I buy gold with Huabei and credit cards. If I buy too much and cannot pay it back, I sell some gold. Fortunately, the price of gold has been rising all the way, so I have never lost money." Consumer Yue Qian (pseudonym) shared.

In order to prevent the use of credit cards for "gold speculation", Industrial Bank and Jiangsu Bank recently issued an announcement, clarifying that credit cards are only for daily consumption by the cardholder himself and may not be used for investment and financial management, including but not limited to investment precious metals such as gold, stocks, funds, etc.

On March 21, China Construction Bank issued an "Announcement on Recent Market Risk Warnings for Precious Metals Business" to investors on its official website, stating that "recently, domestic and foreign precious metal price fluctuations have intensified, and market risks have increased. Please enhance your awareness of risk prevention in precious metals business, control your positions reasonably, pay close attention to positions and changes in margin balances, and invest rationally."

On February 12 this year, the bank issued a similar announcement to its customers, reminding investors to enhance their awareness of risk prevention in precious metal trading businesses such as personal gold accumulation.

As the international gold price continues to hit new highs, the gold fever has remained high recently, and the precious metals trading business of banks has been booming. In order to prevent potential risks, many market players have warned of trading risks or adjusted the rules for gold investment products.

In fact, many national commercial banks such as Industrial Bank and Industrial and Commercial Bank of China have recently warned of related risks on their official websites. In addition, on March 18, the Shanghai Gold Exchange also issued a "Notice on Doing a Good Job in Market Risk Control in the Near Future" on its official website, reminding all member units of similar content, reminding "all member units to prepare risk emergency plans, maintain the smooth operation of the market, and remind investors to do a good job in risk prevention, reasonably control positions, and invest rationally."

In addition to warning of risks, many banks have recently raised the "threshold" for investing accumulated funds.

Accumulated gold refers to a gold investment and savings product launched by financial institutions, which combines gold investment with savings deposits. It is equivalent to opening a gold account and purchasing gold according to a fixed amount or weight. When the account accumulates a certain amount, it can be sold at the real-time accumulated gold price for cash, or it can be exchanged for physical gold.

On March 18, Bank of Ningbo issued an announcement to adjust the minimum purchase amount of precious metal accumulation gold business. The bank stated that due to the recent large fluctuations in domestic gold prices, according to the "Interim Measures for the Management of Gold Accumulation Business" issued by the People's Bank of China, the bank will adjust the minimum purchase amount of accumulation gold from 700 yuan to 800 yuan from March 19, 2025, and the minimum purchase weight will remain unchanged at 1 gram. If the purchase amount is less than 800 yuan, the transaction application will not be successfully submitted.

In fact, as gold prices continue to rise, large state-owned banks such as ICBC, ABC, BOC, and CCB, as well as joint-stock banks such as CMB, CITIC Bank, and Industrial Bank, have recently issued announcements to adjust the starting point for accumulated gold purchases. Some banks have made the second adjustment this year.

Safe-haven demand drives gold prices

According to CCTV News, according to a report and analysis by the US Columbia Broadcasting Corporation, inflation, interest rate policy, geopolitical tensions and domestic concerns about the economy in the United States have formed a so-called "perfect storm", and the surge in gold prices is the result of this "storm". As the world's reserve currency, the credit of the US dollar is closely related to the US economy.

However, this year, the United States has successively imposed tariffs on major trading partners such as Mexico and Canada, and imposed a 25% tariff on all steel and aluminum imported into the United States, which has been countered by many countries. At the same time, the US government implemented a layoff plan and fired tens of thousands of federal employees, exacerbating market concerns about economic growth prospects. In an interview, former US Treasury Secretary Lawrence Summers said that US President Trump's erratic policy actions and remarks are eroding the global market's trust in the US dollar, and the sharp rise in gold prices is a reflection of this uncertainty.

Guotai Fund believes that the "rise" of gold reflects the reality of the weakening credit of the US dollar. Behind the accelerated rise of gold is its gradual departure from the "seesaw" of the US dollar and gold. Historically, the US dollar and gold have maintained a stable relationship. However, in recent years, as the dominant position of the US dollar in the international monetary system has weakened, gold is gradually becoming independent of the US dollar system. The recent independent rise in gold prices shows its unique value as a safe-haven asset.

Zheshang Securities analysis pointed out that since the Russia-Ukraine conflict in 2022, the dollar-centered monetary system has been shaken faster. Global central bank gold purchases have become the dominant factor in the rise of the central price of gold. In recent years, the net purchase of gold by central banks has mainly come from emerging market countries. In the long run, there is more room for improvement in the gold reserves in the total assets of central banks in emerging economies, and the future increase in central bank gold purchases may mainly come from this.

According to the Economic Daily, looking ahead, industry insiders generally expect that gold prices may still fluctuate and rise. Zheng Hong, a senior researcher at Zhejiang Merchants Futures, believes that in the later period, gold may maintain a long-term upward trend. In addition to favorable factors such as rising market uncertainty, gold's value-preserving function will also provide long-term upward momentum. As US dollar debt and government leverage continue to rise, the credit and purchasing power of the US dollar are continuing to decline. Central banks of various countries have continued to increase their gold holdings in large quantities since 2022, which is conducive to the rise in gold prices.

Wang Yanqing, a precious metals researcher at CITIC Securities Futures, believes that in the long run, US inflation has not yet reached the Fed's control target, and the US tariff policy has increased inflation concerns, which will provide continued support for the price of gold, which has anti-inflation properties. At the same time, global economic growth has encountered resistance, and the yields of other major asset classes may be generally under pressure, driving the continued growth of gold investment demand.

Daily Economic News integrates CCTV news, Beijing Business Daily, Economic Daily, and public information