Major Chinese Banks to Halt Individual Precious Metals Trading, Require Positions Closed by June 30

According to Guru Club, multiple major Chinese banks announced on June 25 they will suspend brokerage services for individual precious metals auction trading. Industrial and Commercial Bank of China will cease operations on July 24, while China Guangfa Bank requires customers to close positions by June 30 or face forced liquidation. China Post Savings Bank and Ping An Bank issued similar notices earlier this year, citing risk management. The moves follow spot gold's decline below $4,000 per ounce this week, down from near $5,600 in January.
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