黄金税收新规落地,对市场影响几何

Core Viewpoint - The new tax policy on gold, announced by the Ministry of Finance and the State Taxation Administration, aims to differentiate between investment and non-investment demand for gold, leading to significant market reactions and price fluctuations in gold products [2][5]. Market Reactions - The gold market has shown a clear division, with investment gold bars experiencing price increases and some products being taken off the shelves. For instance, the price of investment gold bars at certain stores has risen by over 100 yuan per gram compared to pre-policy levels [2][3]. - Different brands exhibit varied strategies; for example, Chow Tai Fook maintains its online prices while others like Century Origin have suspended sales of investment gold bars entirely [3]. Price Adjustments - The price of diamond-studded gold jewelry is also being adjusted due to rising raw material costs and the new tax policy. Some brands are temporarily halting sales to reassess pricing structures [4]. - The overall increase in gold prices has a cascading effect on related products, with some brands reporting price hikes of 5%-8% for gold jewelry [7]. Consumer Impact - The new tax policy has led to increased costs for consumers, particularly for those purchasing investment gold through non-exchange channels, where additional VAT burdens are passed on to buyers [6][7]. - Consumers are advised to consider purchasing gold through banks or exchange platforms to benefit from lower tax burdens and better pricing [7]. Tax Policy Details - The new tax policy specifies that from now until the end of 2027, transactions involving standard gold through the Shanghai Gold Exchange will be exempt from VAT, which is expected to influence market dynamics significantly [8]. - The policy also differentiates between investment and non-investment gold, applying different VAT treatments based on the nature of the transaction [8].