深夜，黄金、白银，突然大跌

Group 1: Market Performance - Spot gold accelerated its decline, breaking below $3940 per ounce, with a daily drop of 1.63% [1] - Spot silver fell over 2%, currently reported at $47.016 per ounce [1] - Futures for precious metals saw a short-term drop, with Shanghai gold down 1.57% at 904.74 yuan per gram, and Shanghai silver down over 2% at 11113 yuan per kilogram [4] Group 2: Tax Policy Changes - The Ministry of Finance and the State Taxation Administration announced on November 1 that from now until the end of 2027, transactions of standard gold through the Shanghai Gold Exchange and Shanghai Futures Exchange will be exempt from value-added tax (VAT) for selling members or clients [5] - The policy distinguishes between investment and non-investment uses of standard gold, applying different VAT policies accordingly [5] - This adjustment is seen as a further improvement of existing gold market policies, enhancing the distinction between gold's commodity and financial attributes [5] Group 3: Industry Impact - Experts believe the new policy will support the competitiveness and pricing power of China's gold market internationally, contributing to the construction of Shanghai as an international financial center [6] - The policy aims to promote tax fairness, mitigate tax risks, and enhance the precision and standardization of tax policies [6]