Gold prices fall below $4,000! Banks collectively "deleveraging," individuals in the precious metals agency trading "large retreat"

London spot gold fell below the $4000 mark. With the price of gold fluctuating, banks acting as agents for individual clients in the Shanghai Gold Exchange's precious metals trading business have hit the "emergency brake." In the past two days, Industrial and Commercial Bank of China and China Construction Bank have respectively announced that they will close their agency for individual precious metals trading on the Shanghai Gold Exchange from the end of July 24, covering products such as Au, mAu, Au99.99, and Au100g. Looking back at the industry trajectory, since regulatory authorities clearly restricted the participation of ordinary individuals in leveraged on-exchange trading of derivative products, major banks have already started a gradual pressure reduction measure, concentrating on clearing "three-nothing" dormant accounts, bulk transfer of margins, and termination of trading agreements. Analysts point out that currently, the price fluctuation of gold has significantly increased, and investors need to abandon short-term speculative thinking and keep their gold positions within a reasonable range of asset allocation.