International gold prices fluctuate, and multiple banks are increasing their gold accumulation business

Source: Global Times

[Global Times Finance Comprehensive Report] Since August, the spot gold price in London has been rebounding from a recent low. On August 25, the London spot gold price surged during trading to $4,697.07 per ounce; on August 26, the price retreated from its peak, falling by more than 1% in a single day; on August 27, the London spot gold price fluctuated repeatedly around the $4,600 per ounce mark; on August 28, it closed at $4,453.67 per ounce, down 2.95%.

Oriental IC

Recently, several major state-owned banks and joint-stock banks have launched intensive accumulation gold marketing campaigns, expanding precious metals retail business through reductions in transaction fees, special offers for new customers, and trading subsidies.

For example, on August 25, Industrial and Commercial Bank of China announced that from August 28, 2026, it will offer periodic fee discounts on personal accumulation gold business. Specifically: first, from August 28, 2026, to November 28, 2026, the accumulation service fee rate for voluntary accumulation will be reduced from 0.5% to 0; second, this discount event does not involve adjustments to redemption fees, and the redemption fee rate remains unchanged at 0.5%.

Bank of Jiangsu has launched the "Double Participants, Receive Accumulation Gifts" campaign. According to the campaign rules, existing clients who refer new clients that complete their first accumulation gold contract signing and purchase can both receive a corresponding deduction coupon for accumulation gold; if the referred new client subsequently meets additional trading conditions, both parties may receive another coupon package, with a maximum total reduction of 1,200 yuan on purchase fees.

It is worth noting that, affected by the continued narrowing of net interest margin, the profit space for banks’ traditional deposit and loan business is being squeezed, so increasing non-interest income has become an important avenue for banks to optimize their income structure. Accumulation gold business can generate non-interest income through trading spreads and service fees, which aligns with current banking industry transformation needs. (Nan Mu)

Editor: Zhu Henan