工行暂停如意金积存新业务，黄金投资政策环境迎变

Core Points - The Industrial and Commercial Bank of China (ICBC) announced the suspension of new account openings and related services for its "Ruyi Gold Accumulation" product due to macroeconomic policy impacts and risk management requirements [1][3] - Existing customers will not be affected in terms of their current investment plans, redemptions, or account closures [1] - The resumption of these services will be notified at a later date, indicating a significant shift in the policy environment of the Chinese gold market [1] Industry Developments - On November 1, the Ministry of Finance and the State Taxation Administration released a new announcement regarding the value-added tax policy for gold transactions, optimizing the existing tax framework [3] - The new policy emphasizes tax incentives for exchange-traded transactions and clarifies the distinction between investment and non-investment gold uses, with compliance requirements for invoicing [3] - This tax policy is expected to enhance the transparency and health of the gold market, further differentiating the commodity and financial attributes of gold [3] Market Reactions - Prior to ICBC's announcement, several banks, including Bank of China, Industrial Bank, and Ningbo Bank, had already raised the minimum purchase amount for their "Accumulated Gold" products, indicating a tightening of market conditions [3] - For instance, Bank of China increased the minimum purchase amount from 850 yuan to 950 yuan starting October 15 [3] - The "Accumulated Gold" product is popular among individual investors for its convenience in accumulating gold in small amounts, allowing for cost averaging and risk diversification [3]