SHANGHAI/BEIJING, Nov 27 (Reuters) – Chinese banks including major state-owned players announced on Friday they will suspend the opening of new accounts for their precious metal investment products from Saturday amid increased volatility in global and domestic precious metal prices.
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“Affected by the global epidemic situation and the international political and economic situation, international and domestic precious metals price continued to show volatility, market risks and uncertainties increased,” ICBC said.
The banks warned investors to pay attention to market and volatility risks and to manage trading and conduct investment transactions prudently and rationally, according to statements released on Friday, but added that trading for customers with existing accounts would not be affected.
Spot gold prices began sliding after Nov. 9 as news of the first successful, late-stage novel coronavirus vaccine trial prompted investors to dump safe-haven bullion and flock to riskier assets. They are down nearly 4% this month.
Reporting by Emily Chow and Zoey Zhang; additional reporting by Tom Daly; Editing by Robert Birsel, Kirsten Donovan/Emelia Sithole-Matarise
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