3 6 Ke·2025-11-04 00:12Core Viewpoint - The new tax policy on gold transactions aims to classify the circulation of gold, distinguishing between its use as a regular commodity and as a financial investment, thereby allowing for more precise market management [1][4]. Tax Policy Changes - Effective from November 1, 2025, the new tax policy will apply until December 31, 2027, with the timing based on the physical delivery of gold [1]. - The policy introduces differentiated tax burdens for gold purchased for investment versus non-investment purposes, impacting both member units and clients [3][4]. Impact on Investment Behavior - The new tax burden on physical gold is expected to shift investor demand towards financial investment products rather than physical gold [2][3]. - Major banks, including Industrial and Commercial Bank of China and China Construction Bank, have suspended certain gold accumulation services, indicating a direct response to the new tax policy [6][7]. Market Reactions - Analysts suggest that the new policy may lead to an increase in on-exchange trading as the tax burden for such transactions is reduced [6]. - The policy is anticipated to have complex effects on the market, with differing opinions on its impact on gold prices [9][10]. Future Outlook - The changes may result in a decline in demand for products that allow for the physical extraction of gold, potentially making them niche offerings [8]. - The immediate market response saw a slight increase in gold futures prices, indicating initial investor reactions to the new tax implications [10].