Mei Ri Jing Ji Xin Wen·2025-11-03 12:13Core Viewpoint - The new gold tax regulations have led multiple banks to suspend gold accumulation and withdrawal services, indicating a significant shift in the gold investment landscape [1][2][4]. Group 1: Bank Responses - On November 3, major banks such as Industrial and Commercial Bank of China (ICBC) and China Construction Bank (CCB) announced the suspension of their gold accumulation services, including the "Ruyi Gold Accumulation" and "Easy Storage Gold" products, due to macroeconomic policy impacts and risk management requirements [2][3]. - ICBC clarified that the suspension of the "Ruyi Gold Accumulation" service was not due to a lack of gold inventory, as their branches reported sufficient stock [2][3]. - CCB also suspended real-time purchases and physical gold exchanges for its "Easy Storage Gold" product, while existing plans for current customers remain unaffected [2][3]. Group 2: Market Implications - The new tax regulations, effective from November 1, 2025, will differentiate between investment and non-investment uses of physical gold, impacting how transactions are taxed and potentially reducing speculative trading in physical gold [4][5]. - Analysts suggest that investors may need to seek alternatives such as paper gold or gold ETFs to reduce reliance on physical gold delivery due to the new tax implications and fluctuating gold prices [1][6]. - The market adjustments by banks are seen as a response to both the new tax regulations and the need for enhanced risk management in a volatile market environment [6]. Group 3: Future Outlook - The suspension of gold accumulation services is expected to lead to a reevaluation of pricing for gold products, as banks adjust to the new tax landscape [3][6]. - Existing customers of gold accumulation products are not affected by the new tax regulations, but new customers will need to consider tax implications when engaging in gold accumulation [6].