Shang Hai Zheng Quan Bao·2025-11-08 05:05Core Viewpoint - The implementation of new tax regulations on gold has not significantly impacted the market, with stable prices and sufficient supply of investment gold observed in major banks in Shanghai [1][5][7]. Pricing Stability - The new regulations do not affect the sales prices of investment gold bars for end customers, as banks continue to price them according to market rates [5][6]. - The regulations classify gold into investment and non-investment categories, with personal purchases of investment gold bars having minimal impact [5][6]. - Banks like Industrial and Commercial Bank of China (ICBC) and China Construction Bank (CCB) maintain their pricing mechanisms unaffected by the new rules [5][6]. Supply Adequacy - Both CCB and ICBC report that the supply of investment gold bars is stable and sufficient to meet customer demand [7][8]. - Inventory checks confirm that various specifications of gold bars are available, and any temporary shortages can be addressed through inter-branch transfers [7][8]. Customer Engagement - There has been a slight increase in customer inquiries and purchases of gold products since the new regulations were implemented, but the overall market remains stable [8]. - The demand for gold investments has been rising since last year, driven by geopolitical uncertainties and expectations of higher gold prices [8][10]. Business Operations - Both CCB and ICBC briefly suspended certain gold accumulation services to adjust their systems to the new regulations but resumed operations shortly after [9][10]. - The gold accumulation products allow customers to invest in gold flexibly, with easy processes for withdrawing physical gold [9][10].