Shanghai Pudong Development Bank to Wind Down Personal Precious Metals Trading

The retreat is less about gold sentiment than about risk plumbing: banks are re-pricing the credit exposure that comes with retail leverage when client losses outrun margin. That this is a broader pattern among Chinese banks, not a single institution's choice, suggests the constraint is regulatory and balance-sheet-driven rather than cyclical. The question worth watching is whether retail precious-metals demand migrates to venues outside the bank channel, and how that reshapes who holds the counterparty risk.