21世纪经济报道·2025-11-03 05:40Core Viewpoint - The recent announcement by Industrial and Commercial Bank of China (ICBC) to suspend certain gold accumulation business applications is influenced by macroeconomic policies and risk management requirements, indicating a shift in the banking sector's approach to gold investment products [1][2]. Group 1: ICBC's Announcement - ICBC will suspend the acceptance of new applications for its "Ruyi Gold Accumulation" business starting November 3, 2025, while existing customers can continue their plans without interruption [1]. - The "Ruyi Gold Accumulation" business allows investors to open accounts with ICBC to buy and store designated gold products, with options for physical withdrawal or redemption [1]. Group 2: Tax Policy Changes - On November 1, 2025, the Ministry of Finance and the State Administration of Taxation announced new tax policies for gold, effective until December 31, 2027, aimed at optimizing VAT policies, enhancing tax incentives for exchange trading, and clarifying regulations for different gold transaction scenarios [2]. - Following the announcement, gold retail stocks experienced significant declines, with notable drops in companies like Luk Fook Holdings and Chow Tai Fook [2]. Group 3: Banking Sector Adjustments - Several banks have already begun adjusting their gold accumulation business in response to rising gold prices, with increased minimum investment thresholds implemented by various institutions since October [4][5]. - For instance, ICBC raised its minimum investment amount from 850 RMB to 1000 RMB, while other banks like Ping An Bank and China Bank also adjusted their minimum investment amounts upwards [5]. Group 4: Market Reactions and Investor Behavior - The high volatility in gold prices has led to increased caution among investors, with platforms like Ant Wealth advising diversification and risk management strategies [6][8]. - As of November 3, 2023, gold prices have surged over 53% since the beginning of the year, prompting institutions to warn investors about potential short-term corrections [8].