"There are recent price fluctuations in the precious metals market, the trading risk for precious metals remains high," it said in a statement on Monday.

To protect the rights and interests of investors and ensure the safety of investors' funds, the bank will "suspend all channels for new account openings, including branch counters, mobile banking and personal online banking, which all act as agents for the precious metal business of the Shanghai Gold Exchange," it said.

Customers with existing accounts will not be affected, the bank added.

(Reporting by Emily Chow, editing by Louise Heavens)