Shang Hai Zheng Quan Bao·2025-11-03 18:16Core Viewpoint - The recent suspension and subsequent resumption of gold accumulation services by major banks, specifically Industrial and Commercial Bank of China (ICBC) and China Construction Bank (CCB), reflect a response to new tax policies and market risks affecting the gold investment landscape [1][2][3]. Summary by Sections Business Adjustments - On November 3, ICBC and CCB announced the suspension of their gold accumulation services, including new account openings and physical gold withdrawals, effective immediately [1][2]. - Later that evening, ICBC reversed its decision and resumed the acceptance of gold accumulation services [3]. Regulatory Impact - The adjustments are primarily driven by new gold tax regulations that require banks to differentiate between investment and non-investment purposes during physical delivery, leading to increased compliance burdens [3][5]. - The banks are also managing operational costs and tax risks associated with physical gold transactions, which involve complex invoice management and customer usage identification [3]. Market Considerations - The suspension of services is seen as a measure to alert investors to manage their holdings and enhance risk awareness amid increasing market volatility [3]. - The recent increase in minimum purchase thresholds for gold accumulation services by several banks indicates a trend towards stricter customer screening and transaction control [5]. Future Outlook - The potential for other banks to follow suit in suspending gold accumulation services depends on their business structures and the proportion of physical deliveries [7]. - If more banks tighten their gold accumulation services, it may lead to a shift in personal investment channels away from banks, although the overall impact on gold prices and market liquidity is expected to be limited [6][7].