Zhong Guo Zheng Quan Bao·2025-11-04 22:30Core Insights - Major gold jewelry brands such as Lao Pu Gold and Chow Tai Fook have raised their gold jewelry prices, with prices exceeding 1260 RMB per gram, marking a historical high [1][2] - The increase in gold prices has led to a slowdown in consumer purchases, as many are opting to wait and see [1][2] Price Trends - As of November 4, 2023, Chow Tai Fook's gold jewelry prices are reported at 1265 RMB per gram for gold ornaments and 1170 RMB per gram for gold bars [2] - Lao Pu Gold has adjusted its prices for the third time this year, with increases ranging from 18% to 25% [2] Policy Changes - Recent tax policy changes by the Ministry of Finance and the State Administration of Taxation encourage on-site trading of standard gold, exempting certain transactions from value-added tax [3][4] - The new policy aims to differentiate between investment and non-investment gold uses, potentially increasing costs for non-investment gold jewelry companies [4] Market Impact - The new tax regulations are expected to impact three types of market participants: trading members, gold investors, and downstream retailers, with a focus on encouraging market transactions [4] - Analysts suggest that while short-term price increases may dampen consumer demand, the long-term effects could favor established jewelry brands by promoting market consolidation [4] Company Performance - Mining companies are experiencing significant revenue growth due to rising gold prices, with companies like Western Gold reporting a 106.2% increase in revenue year-on-year [6] - Other companies, such as Chifeng Gold and Zijin Mining, also reported substantial revenue and profit increases, benefiting from higher gold prices and stable production levels [6]