Gold Wealth Management Products Face Slow Launch as Performance Divergence Questions Their 'Gold Content'

On October 16, London spot gold closed at $4,165.175 per ounce. Although recent trends have stabilized relatively, prices remain more than 25% below their historical peak from the start of the year. In line with the sluggish gold market, the issuance of wealth management products focused on gold has been dormant for three months. According to Wind data, on September 16, Beiyin Wealth Management's 'Chunmou Dingzhing No. 43 Gold Theme Direction A' was established, becoming the first 'fixed income plus' gold-themed product to break the dry spell. While issuance has nearly frozen, performance results show significant divergence. Interviewees stated that this divergence stems from differences in position structure, the quality of fixed-income underlying assets, and option design. Going forward, the issuance of such products is likely to continue a cautious, low-frequency pattern.