Core Points - The new tax policy for gold trading, effective from November 1, aims to reduce taxes for transactions conducted through exchanges while maintaining existing tax rules for non-exchange channels [1][3] - The policy differentiates between the "financial" and "commodity" attributes of gold, encouraging investment through regulated exchange channels [1][3] Tax Policy Changes - Transactions of standard gold through the Shanghai Gold Exchange and Shanghai Futures Exchange will be exempt from value-added tax (VAT) when sold [1] - If gold is not withdrawn from the exchange, it is directly exempt from VAT; if physical gold is withdrawn, investment gold will enjoy a tax refund policy, while consumer gold can deduct VAT at a rate of 6% [1] - Non-exchange channels, such as purchasing gold bars or jewelry from stores, will still incur a 13% VAT [1] Impact on Consumers - Personal sales of used gold jewelry will be exempt from VAT, allowing individuals to sell items like old gold rings without tax implications [2] - The direct impact on retail prices of gold jewelry is minimal, but potential supply shortages from increased demand for investment gold through exchanges could lead to higher prices in the future [2] Investment Recommendations - For those looking to invest in gold for inflation hedging or asset preservation, it is advisable to use exchange channels like gold futures, which offer tax benefits and higher liquidity [2] - Consumers interested in purchasing gold jewelry or bars for personal use can continue to buy from stores without concern [2] Policy Background - The adjustment aims to create a more regulated and fair gold market, addressing previous lax tax management in non-exchange transactions and preventing tax loopholes [3] - The policy supports the gold industry and strengthens Shanghai's position as an international financial center for gold pricing [3]

Core Viewpoint - The new tax policy on gold trading aims to reduce taxes for transactions conducted through exchanges while maintaining existing tax rules for non-exchange channels, thereby distinguishing between gold as a commodity and as a financial investment [1][2]. Summary by Sections Tax Policy Changes - The new policy reduces the tax burden for gold purchased through exchanges, while the tax rules for non-exchange purchases, such as buying gold bars or jewelry from stores, remain unchanged with a 13% value-added tax [1][2]. - Personal sales of used gold jewelry are exempt from value-added tax, allowing individuals to sell their personal items without incurring tax liabilities [1]. Impact on Gold Jewelry Prices - The direct impact on retail prices of gold jewelry is minimal since the tax policy for jewelry remains unchanged. However, if investment demand shifts to exchanges, it may lead to reduced supply for jewelers, potentially increasing retail prices due to higher processing costs [2]. Investment Recommendations - For those looking to invest in gold for inflation hedging or asset preservation, it is advisable to use exchange channels such as gold futures, which offer tax advantages and higher liquidity [2][3]. - Purchasing gold jewelry for personal use or as gifts can still be done through traditional retail channels without concern for tax changes [2]. Policy Background - The adjustment in tax policy is aimed at creating a more regulated and fair gold market, addressing previous lax tax management in non-exchange transactions, and supporting the gold industry while enhancing Shanghai's position as an international financial center [2][4]. Summary of Key Points - Buy gold jewelry as usual without concern; prioritize exchange channels for investment to maximize benefits; personal sales of small amounts of used gold do not incur tax, but larger operations must comply with regulations [4].

Core Viewpoint - The global and domestic gold markets are experiencing significant divergence, with international gold prices fluctuating while domestic gold jewelry prices remain high, reflecting the different investment and consumption attributes in varying market environments [1][3]. Group 1: International Gold Market - International gold prices reached a historical high of over $4,300 per ounce before dropping below $3,950 per ounce, indicating volatility driven by macroeconomic signals and geopolitical factors [1][3]. - The short-term pressure on international gold prices is attributed to reduced safe-haven demand due to easing geopolitical tensions, technical corrections, and a stronger dollar [3]. - Despite short-term fluctuations, long-term support for gold prices remains, as central banks globally increased their gold purchases by 28% in Q3 2025, totaling 220 tons [3]. Group 2: Domestic Gold Jewelry Market - Domestic gold jewelry prices are experiencing a high premium, with brands like Lao Pu adjusting prices by 18% to 25%, and Chow Tai Fook's gold price rising from 1,198 RMB per gram to 1,259 RMB per gram [1][4]. - The pricing structure of domestic gold jewelry includes a combination of raw gold price, processing fees, brand premiums, and operational costs, which account for 30% to 50% of the total price, leading to price rigidity [4][5]. - The domestic market shows resilience in demand, with consumers shifting towards new consumption patterns, such as "small weight gold jewelry" and "old-for-new" exchanges, despite a decrease in gold consumption volume [5][6]. Group 3: Tax Policy Impact - A new tax policy effective from November 1, 2025, exempts value-added tax for standard gold transactions, aiming to differentiate tax treatment based on investment and non-investment uses, enhancing market transparency [2][6]. - The differentiated tax arrangements are expected to influence trading decisions and the flow of gold in the market, promoting a more efficient and regulated gold market [2]. Group 4: Future Outlook - The divergence between investment and consumption markets for gold is likely to persist, with investment gold relying on its safe-haven attributes and branded gold jewelry focusing on cultural premiums and craftsmanship [6]. - Investors are advised to avoid misconceptions equating jewelry gold with investment gold, while consumers should prioritize craftsmanship and brand value within their budget [6].

Core Viewpoint - Recent regulatory measures may adjust the pace of gold price movements but will not change the overall trend of gold prices, which are influenced by multiple attributes of gold in different environments [1][16]. Regulatory Measures - On October 16, the Shanghai Futures Exchange issued a risk warning, followed by an announcement on October 17 to adjust the price fluctuation limits for gold and silver futures to 14%, with margin requirements also increased [2][12]. - Following these announcements, COMEX gold prices fell from a peak of $4,392 per ounce to $4,267.90, reflecting a significant market reaction [2][13]. Market Dynamics - Gold prices surged nearly $1,000 per ounce in less than two months, driven by macroeconomic factors, geopolitical risks, and market liquidity [4][6]. - The Federal Reserve's dovish signals regarding interest rate cuts have weakened the dollar and lowered real interest rates, enhancing gold's appeal as a non-yielding asset [6][20]. Geopolitical Factors - Increased geopolitical uncertainties, including trade tensions and conflicts, have bolstered gold's safe-haven demand, providing substantial support for its price [7][21]. - Events such as the U.S. government shutdown and ongoing global political instability have heightened market risk premiums, further supporting gold prices [7][21]. Institutional Demand - Continuous inflows from official reserves and institutional investors have established a solid demand foundation for gold [8][9]. - The SPDR Gold ETF has seen a consistent increase in holdings, indicating strong institutional interest in gold as an investment [8][14]. Attributes of Gold - Gold possesses multiple attributes: financial, safe-haven, monetary, and commodity, with financial attributes currently being the most influential on its price [18][20]. - The financial attribute is highlighted by the negative correlation between gold prices and market interest rates, particularly real rates, which are expected to remain a key variable influencing gold prices [20][22]. - The safe-haven attribute provides ongoing support for gold prices amid global uncertainties, while its monetary attribute reinforces its long-term value [21][22]. - The commodity attribute has a relatively limited impact on current price movements, as investment demand is driving the market rather than physical consumption [20].

Core Insights - Gold prices have shown volatility in 2025, initially breaking the $3500 mark before dropping to around $3120, reflecting a decline of over 10% within a week, followed by a rebound to $3365 [1] - Central banks globally have been accumulating gold at an unprecedented rate, with Q1 2025 seeing purchases of 244 tons, marking the 14th consecutive quarter of over 100 tons [3] - The traditional safe-haven status of gold appears to be weakening, as recent U.S. economic data and U.S.-China trade negotiations have not revealed significant risk factors [3] Central Bank Activity - Poland's central bank increased its gold reserves by 29 tons in a single month, while countries like Kazakhstan opted to sell, indicating a divergence in national strategies regarding the dollar credit system [3] - The World Gold Council reported that global investment demand for gold surged by 170% year-on-year in Q1 2025, while gold jewelry consumption fell by 32%, indicating a shift from commodity to financial attributes [7] Market Dynamics - Goldman Sachs noted that approximately 35% of current gold prices reflect non-traditional factors, a 12 percentage point increase from 2024, influenced by macroeconomic variables like dollar credit crises and global debt expansion [5] - The volatility in gold prices is exacerbated by external factors such as trade tensions and geopolitical events, with significant price fluctuations observed in response to U.S. Treasury Secretary's comments on tariff negotiations [5][7] Investment Strategies - Experts recommend that investors consider multiple factors such as changes in safe-haven demand, dollar exchange rates, and global economic data when making investment decisions [7] - Suggested strategies include avoiding herd mentality, diversifying investment channels, and setting clear stop-loss levels to manage risk effectively [7] Future Outlook - The trend of increasing central bank gold purchases is expected to continue, primarily driven by the need to diversify away from dollar-denominated assets amid rising U.S. policy uncertainties and concerns over the sustainability of U.S. debt [9] - As gold becomes more driven by investment demand, its prices are likely to be more sensitive to capital flows, reflecting broader shifts in the global monetary system [11]

Group 1 - The core point of the article is the current pricing of gold and silver jewelry, as well as investment gold bars, with gold prices ranging from 910 to 1141 yuan per gram across various brands [1] - Major brands such as Chow Tai Fook, Chow Sang Sang, and others have gold prices set at 1129 yuan per gram [1][3][5][7][8][9][12] - The recycling prices for different purities of gold are 757 yuan per gram for 22k gold, 624 yuan per gram for 18k gold, and 482 yuan per gram for 14k gold [1] Group 2 - Investment gold bars are priced at approximately 895 to 910.5 yuan per gram, with various banks offering slightly different rates [15][22] - The current spot prices for gold and silver are 3885.90 USD per ounce for gold and 47.94 USD per ounce for silver, reflecting recent market fluctuations [29] - The article highlights the financial and safe-haven attributes of gold, which are influenced by factors such as U.S. Federal Reserve policies and geopolitical tensions [31]

Core Viewpoint - The recent surge in spot gold prices, reaching a new high of $3831 per ounce, is driven by various factors including liquidity, inflation trends, and seasonal demand for gold jewelry [1] Group 1: Short-term Analysis - Most metals are experiencing price increases due to ample liquidity, which is expected to further support gold prices [1] - The financial attributes of gold are likely to enhance its upward trajectory in the short term [1] Group 2: Mid-term Outlook - If market sentiment shifts, gold will serve as a strong safe-haven asset, especially if other metals show signs of reversal [1] - The potential for increased demand for gold as a hedge against market volatility is anticipated [1] Group 3: Long-term Perspective - The decline in the credibility of the US dollar is identified as a primary narrative for the current bull market in gold [1] - Future policies from the Trump administration may contribute to further depreciation of the dollar's value [1] Group 4: Inflation and Interest Rates - The ongoing upward trend in US commodity inflation, coupled with a slowdown in service sector inflation, is noted [1] - The Federal Reserve's focus on the labor market suggests that moderate commodity inflation will not alter its interest rate reduction strategy [1] - The combination of rising tariffs and declining nominal interest rates is expected to benefit precious metals in the near future [1] Group 5: Seasonal Demand - The recent increase in international gold prices coincides with the upcoming Mid-Autumn Festival and National Day, which is likely to sustain demand for gold jewelry [1]

Core Viewpoint - The recent surge in gold prices is primarily driven by expectations of interest rate cuts by the Federal Reserve, alongside the introduction of digital gold, which enhances the financial attributes of physical gold [1][2]. Group 1: Factors Influencing Gold Prices - The U.S. non-farm payroll numbers have consistently fallen short of expectations, leading to a strong likelihood of a 25 basis point rate cut this month, with speculation of two additional cuts to stabilize economic growth [1]. - Historical data indicates that gold prices typically rise by an average of 6% within 60 days following the start of a rate-cutting cycle in the U.S. [1]. - Concerns over the independence of the Federal Reserve, particularly in light of President Trump's criticisms, could further bolster gold's appeal as a safe-haven asset [1]. Group 2: Introduction of Digital Gold - The World Gold Council plans to pilot digital gold next year, utilizing 8,776 tons of gold stored in London as the underlying asset, leveraging blockchain technology to issue corresponding digital gold [2]. - The minimum trading unit for digital gold will be as low as 0.01 ounces (approximately 0.31 grams), with a transaction value of around $35, significantly lowering the investment threshold for ordinary investors [2]. - Digital gold will support 24/7 trading and reduce settlement time from the traditional "T+2" to real-time, cutting transaction costs by over 60% compared to physical gold [2]. Group 3: Comparison with Gold ETFs - Unlike gold ETFs, which are essentially securities linked to the price of physical gold and do not guarantee ownership of the metal, digital gold is directly tied to real gold stored in London, making it akin to a stablecoin in the gold sector [2][3]. - The price of digital gold is expected to respond more sensitively and accurately to market changes compared to gold ETFs, enhancing its hedging capabilities [3]. Group 4: Strategic Intentions of the World Gold Council - The introduction of digital gold aims to generate revenue through increased trading activity, as the smaller trading units and improved liquidity will attract a broader range of global investors [3]. - The initiative also seeks to revitalize the UK financial sector, particularly London, which historically was a global financial hub before being surpassed by Wall Street [3][4].

Group 1: Market Overview - The domestic gold ETF saw an increase of 84 tons in the first half of the year, a year-on-year surge of 173%, with total holdings exceeding 199 tons [1] - London spot gold prices reached a five-week high of $3,438 per ounce on July 23, while COMEX gold futures hit a peak of $3,451 per ounce [1] - There is a notable divergence in the gold market, characterized by "investment heat and consumption cold," indicating a shift from commodity attributes to financial attributes [1] Group 2: Central Bank Dynamics - Global central banks are engaged in a "gold rush," significantly supporting gold prices, with China's gold reserves increasing to 2,298.55 tons by the end of June, marking eight consecutive months of accumulation [2] - The top three gold buyers in Q1 2025 were China, Poland, and Turkey, collectively accounting for over 50% of global purchases [2] - The weakening of the dollar's credibility and geopolitical risks are driving this strategic allocation, while expectations of interest rate cuts by the Federal Reserve are further reducing the cost of holding gold [2] Group 3: Platform Solutions - Jinsheng Precious Metals, as an AA-class member of the Hong Kong Gold Exchange, offers a trading system that aligns with current market characteristics, including precise trading tools and low transaction costs [3] - The platform provides cross-market arbitrage analysis tools to help investors capture spot-futures premium opportunities [3] - A 24/7 multilingual customer service team offers tailored services for different investor needs, including logistics insurance for physical gold and API access for quantitative traders [3] Group 4: Investment Strategy - The current gold market exhibits a "policy bottom, valuation bottom, and sentiment bottom" resonance, highlighting the value of professional platforms [4] - Compliance with international regulatory standards is ensured through AA-class certification, with funds independently managed by HSBC to mitigate misuse risks [4] - The platform supports seamless switching between MT4 and MT5 systems, enabling low-latency trading across various gold products [4] Group 5: Long-term Outlook - In the context of increasing global economic uncertainty, gold's value as a "crisis currency" is becoming more prominent [6] - Citigroup's latest report indicates that the long-term upward trend for gold remains unchanged, with a potential target of $3,700 per ounce by the end of 2025 [6] - Investors are encouraged to build a balanced investment portfolio with the support of professional platforms to navigate market fluctuations [6]

Market Overview - A-shares maintained an upward trend with the Shanghai Composite Index closing at 3387.57 points, up 0.21%, and the Shenzhen Component Index at 10294.22 points, up 0.44% [1] - The ChiNext Index closed at 2065.39 points, up 0.83%, with trading volume exceeding 1 trillion yuan for the 20th consecutive day [1] Sector Performance - Solid-state battery stocks surged, with leading companies like Lipa Technology, Guoxuan High-Tech, and Jinlongyu hitting the daily limit [1] - Innovative drug concepts remained active, with Shutaishen reaching a 20% limit up [1] - Precious metals, coal, and electric grid sectors showed significant gains, while high-profile stocks experienced divergence with some hitting the daily limit down [1] Gold Sector - Gold concept stocks performed strongly, with Xiaocheng Technology rising over 10% and several others hitting the daily limit [2] - International gold prices rebounded, with COMEX and London spot gold both surpassing $3300 per ounce [2] - China's gold imports reached 127.5 tons in April, a new 11-month high, with a month-on-month increase of 73% [2] - East Asia Securities noted that the financial attributes of gold are strengthening, and the demand-supply dynamics are expected to support prices [2] Power Sector - Coal and power stocks were active, with Dayou Energy hitting the daily limit and several others rising over 5% [3] - The National Energy Administration reported that total electricity consumption in April was 772.1 billion kWh, a year-on-year increase of 4.7% [5] - Benefiting from falling coal prices, thermal power performance is expected to improve, especially in the peak electricity consumption season [5] - Current valuations in the power sector are seen as attractive, with significant potential for growth [5] Market Outlook - Structural market trends are expected to continue, with increased opportunities for individual stocks [6] - The market is experiencing a clear differentiation in style, with small-cap stocks gaining favor as risk appetite improves [6] - Analysts suggest that Chinese assets and stock markets present a compelling investment opportunity due to their valuation and risk premium [6]