第一财经·2025-11-04 07:04Core Viewpoint - The recent changes in gold tax policies have led to multiple banks, including Industrial and Commercial Bank of China (ICBC), China Construction Bank, and Agricultural Bank of China, temporarily suspending their gold accumulation and physical exchange services, with some banks adjusting their product offerings and pricing in response to the new regulations [3][5][12]. Group 1: Impact of New Tax Policies - The new gold tax policy has prompted banks to pause gold accumulation services and adjust their product offerings, with ICBC and China Construction Bank announcing suspensions on November 3, 2025 [5][6]. - ICBC quickly resumed its gold accumulation services on the evening of the same day, indicating a rapid response to the regulatory changes [7][8]. - The adjustments made by banks are primarily due to system upgrades and the need to comply with the new tax regulations, rather than a significant impact on their gold business [12][14]. Group 2: Changes in Product Offerings - Banks like China Merchants Bank have shifted some of their self-operated gold products to a consignment model, reducing the range of physical gold products available for exchange [8][15]. - The new tax policy has led to an increase in the prices of physical gold products, with banks adjusting their pricing structures accordingly [12][15]. - The changes in tax regulations mean that banks will now face different invoicing rules, which could affect their cost structures and pricing strategies for gold products [13][14]. Group 3: Market Reactions and Future Outlook - The market for gold products has seen a tightening of inventory, with certain gold bars becoming unavailable for purchase [9][12]. - Industry experts suggest that while the immediate impact on banks' gold businesses may be limited, the overall product and operational structures will undergo adjustments in response to the new tax policies [14].