Sou Hu Cai Jing·2025-11-03 16:11Core Insights - Industrial and Commercial Bank of China (ICBC) has suspended its "Ruyi Gold" accumulation business due to macroeconomic policy impacts, leading to a rush in physical gold purchases, with various specifications sold out within minutes [1][3][6] Group 1: ICBC's Business Changes - ICBC announced the suspension of new applications for "Ruyi Gold" accumulation, effective from November 3, 2025, while existing plans remain unaffected [3] - The bank has resumed accepting applications for "Ruyi Gold" accumulation after a brief suspension [7] Group 2: Market Reactions - The gold market saw a significant price increase, with local prices for 999 and 9999 gold rising from 926 CNY per gram to 985 CNY per gram, an increase of 59 CNY per gram [7] - In Shenzhen's Shui Bei market, some gold prices exceeded 1000 CNY per gram, reflecting adjustments by merchants in response to supplier price changes [8] Group 3: Tax Policy Impact - The first working day of the new gold tax policy saw a collective drop in Hong Kong-listed gold retail brands, with declines of over 7% for major players like Chow Tai Fook and Luk Fook [2][11][12] - Specific declines included Luk Fook down 8.52%, Chow Tai Fook down 7.69%, and others experiencing similar downturns [12]