黄金交易税收政策调整，对金价有何影响？

Core Viewpoint - The announcement by the Ministry of Finance and the State Taxation Administration clarifies tax policies related to gold trading, aiming to enhance the regulation of the precious metals market and encourage compliance among industry participants [1][2]. Tax Policy Summary - From now until December 31, 2027, transactions of standard gold through the Shanghai Gold Exchange and Shanghai Futures Exchange will be exempt from value-added tax (VAT) for sellers [1]. - For investment purposes, VAT will be refunded immediately upon purchase, while for non-investment purposes, VAT will be exempt [2]. - Non-exchange sales of standard gold will still be subject to the current VAT rate of 13% [2]. Impact on Market Participants - The new policy is expected to lower costs for institutions and the jewelry industry that engage in compliant trading through exchanges, promoting legitimate market activities [2]. - The regulation is likely to deter illegal trading and short-term speculative behaviors, potentially affecting gold prices in the short term but benefiting legitimate industrial and investment demand in the long run [2]. Effects on Retail Investors - Retail investors purchasing investment gold bars from stores will incur a VAT of 13%, which is included in the price, making exchange trading more attractive due to tax benefits [3]. - The appeal of physical gold investments outside of exchange channels may diminish due to the tax implications [3]. Influence on Jewelry Consumption - The tax burden for consumers purchasing gold jewelry remains unchanged, as the tax policies for non-exchange gold sales have not altered [4]. - However, fluctuations in gold prices may still impact retail prices of gold jewelry [4].