Sou Hu Cai Jing·2025-11-03 10:45Core Viewpoint - Major Chinese banks, including Industrial and Commercial Bank of China (ICBC) and China Construction Bank (CCB), announced the suspension of certain gold accumulation services starting November 3, 2025, due to macroeconomic policy impacts and risk management requirements [2][3] Group 1: Business Adjustments - ICBC will suspend the opening of new accounts, active accumulation, new fixed accumulation plans, and applications for physical gold extraction under its "Ruyi Gold Accumulation" service, while existing customers can still execute their fixed accumulation plans and redeem or close accounts [2] - CCB will halt real-time purchases, new investment plans, and physical gold exchanges for its "Easy Storage Gold" service, but existing investment plans and account closures will remain unaffected [2] - The adjustments are linked to the recent tax policy changes announced by the Ministry of Finance and the State Administration of Taxation regarding gold transactions, which may have triggered these operational changes [3] Group 2: Market Context - The new tax policies, effective from November 1, 2025, exempt value-added tax for certain gold transactions, creating a potential competitive advantage for member units over non-member units, which may shift demand towards leading member institutions [3] - Analysts predict that the attractiveness of non-physical gold investments, such as gold ETFs, will increase due to tax burdens in the circulation and recycling stages [3] Group 3: Recent Trends - In 2023, several banks, including ICBC and Bank of China, have raised the minimum investment amounts for gold accumulation products, reflecting the rising gold prices [4] - ICBC increased its minimum investment from 850 yuan to 1000 yuan, while Bank of China adjusted its minimum purchase amount from 850 yuan to 950 yuan [4]