Core Viewpoint - The new tax policy on gold significantly impacts the physical gold trading market, leading to increased prices and a shift in trading dynamics, with a focus on compliance and regulation [2][4][6]. Tax Policy Impact - The new tax policy, effective from November 1, 2025, clarifies the distinction between "investment gold" and "non-investment gold," with different tax treatments based on whether physical delivery occurs [2][4][6]. - Transactions through the Shanghai Gold Exchange and Shanghai Futures Exchange will be exempt from value-added tax (VAT) if no physical delivery occurs, while different rules apply for physical delivery based on the intended use of the gold [3][4][5]. Market Reactions - Following the announcement of the tax policy, physical gold prices surged, with retail prices exceeding the market benchmark by over 100 yuan per gram, reflecting the inclusion of tax costs [2][9]. - Retail gold brands experienced a significant drop in stock prices, indicating market apprehension regarding the new tax implications [7]. Trading Behavior Changes - The new tax regulations have led to a cautious approach among gold retailers and recovery merchants, with many slowing down their sales and purchases due to uncertainty about future costs [2][10]. - The market is witnessing a shift towards compliance, with a reduction in speculative trading and an emphasis on legitimate investment channels [4][7]. Price Adjustments - Major gold brands have raised their prices by approximately 60 to 70 yuan per gram in response to the new tax policy, indicating a direct pass-through of tax costs to consumers [8][9]. - The concept of "market price gold" is becoming obsolete, as retail prices now reflect tax-inclusive costs, leading to a potential decrease in consumer purchasing enthusiasm [9][10].

Core Viewpoint - The price of gold jewelry has suddenly increased, with wholesale prices in Shenzhen's Shui Bei market rising approximately 7% on November 3, 2023, reaching 991 yuan per gram from around 930 yuan earlier that day [1][3][4]. Price Changes - On November 2, 2023, the price of gold at Chow Tai Fook was 1198 yuan per gram, which increased to 1259 yuan per gram on November 3, marking a rise of 61 yuan per gram [1][3]. - Other brands also saw similar increases, with Chow Sang Sang's price rising from 1193 yuan to 1255 yuan per gram, an increase of 62 yuan [1][3]. Market Dynamics - Despite the price increase, customer traffic at Shui Bei remained stable, although some potential buyers may choose to wait due to the higher prices [9]. - The current gold buyback price is 902 yuan per gram, indicating a widening price gap for consumers from 30 yuan to 90 yuan per gram [9]. Tax Policy Impact - A recent announcement from the Ministry of Finance and the State Administration of Taxation has classified gold into investment and non-investment categories, affecting the tax rates for non-investment gold jewelry, which has increased the VAT cost for manufacturers [11]. International Gold Price Trends - Following a peak in mid-October, international gold prices have been on a downward trend due to profit-taking by investors and a decrease in market risk appetite amid easing geopolitical tensions [13]. - Analysts suggest that while there are concerns regarding tax policies and geopolitical events, the fundamental factors supporting long-term gold price increases, such as declining real interest rates, remain unchanged [13].

Core Viewpoint - The recent announcement by the Ministry of Finance and the State Taxation Administration regarding gold tax policies has led to a significant increase in gold prices among various brands, with some banks halting personal gold accumulation and exchange services [1][2]. Price Changes - Multiple gold jewelry brands have raised their prices by 5% to 6%, with specific examples including: - Cai Bai Jewelry's 999 gold price rising from 1168 CNY to 1238 CNY per gram, an increase of 70 CNY, or approximately 6% [1]. - Chow Tai Fook's gold price increasing from 1198 CNY to 1259 CNY per gram, a rise of 5.09% [1]. - Other brands like Chow Sang Sang, Liu Fu Jewelry, and Lao Feng Xiang also saw price increases ranging from 4.84% to 5.2% [1]. Tax Policy Impact - The new tax policy stipulates that transactions of standard gold through the Shanghai Gold Exchange and Shanghai Futures Exchange will be exempt from value-added tax (VAT) if there is no physical delivery. For transactions involving physical delivery, VAT will be refunded for investment purposes and exempted for non-investment purposes [2]. - This policy change has prompted some banks, including Industrial and Commercial Bank of China and China Construction Bank, to suspend personal gold accumulation and exchange services starting November 3, 2025, while existing plans for current customers will remain unaffected [2].

Core Viewpoint - The new tax policy on gold, effective from November 1, 2025, aims to enhance the regulation of the gold market by distinguishing between "investment gold" and "non-investment gold," thereby encouraging more transactions through formal channels and reducing illegal trading and speculation [2][6]. Tax Policy Adjustments - The new regulations optimize existing tax incentives, focusing on four key dimensions, including the differentiation of tax benefits between exchange and non-exchange channels [3][4]. - Transactions of standard gold through exchanges like the Shanghai Gold Exchange and Shanghai Futures Exchange will be exempt from value-added tax (VAT) upon sale, while sales outside these exchanges will incur a VAT of 13% [3][4]. - The policy establishes a clear distinction between physical delivery and non-delivery transactions, with non-delivery transactions exempt from VAT, thus maintaining tax advantages for exchange-based trading [4][5]. Definition of Gold Types - The announcement provides clear definitions for "investment gold" and "non-investment gold," with investment purposes including direct sales and the production of high-purity gold products, while non-investment purposes encompass all other uses [5][6]. - Different tax treatments will apply based on the intended use of the gold, with investment gold subject to immediate VAT refund and non-investment gold exempt from VAT [5][6]. Compliance and Regulation - The new rules impose compliance requirements on member units purchasing standard gold, mandating accurate reporting of intended use for physical delivery, with penalties for non-compliance [4][6]. - The regulations aim to close loopholes that previously allowed for tax evasion and improper use of tax benefits, thereby enhancing the integrity of the gold market [6][7]. Impact on Costs and Market Dynamics - For ordinary consumers, the purchase cost of gold jewelry remains unchanged as the new regulations do not introduce new taxes; however, the procurement costs for jewelry brands and gold shops may increase, potentially affecting retail prices [9]. - The new policy is expected to significantly impact investors in physical gold, as they will face increased costs due to the inability to claim tax credits on sales, leading to a shift towards gold ETFs or futures for investment [9].

Core Viewpoint - The gold prices in the Shenzhen Shui Bei market have seen a significant increase, with retail prices rising approximately 60 yuan per gram on November 3, 2023, reflecting a broader trend in the gold market amid high volatility in international and domestic gold prices [1][2][6]. Price Changes - On November 3, the wholesale price of gold in Shui Bei reached 991 yuan per gram, up from around 930 yuan earlier that day, indicating an overall increase of about 7% [1][2]. - Major jewelry brands also adjusted their prices, with Chow Tai Fook increasing its price from 1198 yuan to 1259 yuan per gram, and Chow Sang Sang raising its price from 1193 yuan to 1255 yuan per gram [1][6]. Market Dynamics - The increase in gold prices has led to a notable change in consumer behavior, with some customers opting to wait before making purchases due to the price hike [6]. - The price difference between buying and selling gold has widened, with the current buyback price at 902 yuan per gram, resulting in a price spread that has increased from 30 yuan to 90 yuan per gram [7]. Tax Policy Impact - A recent announcement from the Ministry of Finance and the State Administration of Taxation has categorized gold into investment and non-investment types, affecting the tax rates for non-investment gold jewelry, which has increased the VAT cost for businesses [8]. Banking Sector Response - Banks have temporarily suspended the acceptance of physical gold withdrawals, with some institutions like Industrial and Commercial Bank of China (ICBC) initially halting their gold accumulation services before resuming them later the same day [12][13]. - The banking sector's actions reflect a cautious approach in response to the changing market conditions and tax policies [12][13]. International Market Trends - International gold prices have recently experienced a downward trend after reaching a peak in mid-October, influenced by factors such as profit-taking by investors and a decrease in market risk aversion due to geopolitical developments [15]. - Analysts suggest that while there are fluctuations, the long-term upward trend in gold prices remains supported by fundamental factors like declining real interest rates [15].

Core Insights - Industrial and Commercial Bank of China (ICBC) has suspended its "Ruyi Gold" accumulation business due to macroeconomic policy impacts, leading to a rush in physical gold purchases, with various specifications sold out within minutes [1][3][6] Group 1: ICBC's Business Changes - ICBC announced the suspension of new applications for "Ruyi Gold" accumulation, effective from November 3, 2025, while existing plans remain unaffected [3] - The bank has resumed accepting applications for "Ruyi Gold" accumulation after a brief suspension [7] Group 2: Market Reactions - The gold market saw a significant price increase, with local prices for 999 and 9999 gold rising from 926 CNY per gram to 985 CNY per gram, an increase of 59 CNY per gram [7] - In Shenzhen's Shui Bei market, some gold prices exceeded 1000 CNY per gram, reflecting adjustments by merchants in response to supplier price changes [8] Group 3: Tax Policy Impact - The first working day of the new gold tax policy saw a collective drop in Hong Kong-listed gold retail brands, with declines of over 7% for major players like Chow Tai Fook and Luk Fook [2][11][12] - Specific declines included Luk Fook down 8.52%, Chow Tai Fook down 7.69%, and others experiencing similar downturns [12]

Group 1 - Industrial and Commercial Bank of China (ICBC) has announced the resumption of the "Ruyi Gold Accumulation" business application after the market close on November 3 [1] - On the same day, ICBC had previously announced the suspension of the "Ruyi Gold Accumulation" business due to macroeconomic policy impacts, effective from November 3, 2025, which includes the suspension of new account openings and active accumulation applications [3] - Construction Bank also announced the suspension of "Easy Gold" business applications, including real-time purchases and new investment plans, effective from November 3, while existing customers' plans remain unaffected [5] Group 2 - The Ministry of Finance and the State Administration of Taxation released a new tax policy regarding gold, effective from November 1, 2025, until December 31, 2027, which exempts value-added tax for transactions involving standard gold through designated exchanges [5] - The policy differentiates between investment and non-investment uses of standard gold for tax purposes, applying specific VAT policies accordingly [5]

Core Points - The core issue revolves around the suspension of certain gold investment services by major banks, particularly Industrial and Commercial Bank of China (ICBC) and China Construction Bank (CCB), due to macroeconomic policy impacts and risk management requirements [2][5][9]. Group 1: Bank Operations - ICBC and CCB announced the suspension of gold investment services, including the "Ruyi Gold" accumulation business and "Easy Storage Gold" services, effective November 3, 2025 [2][5][9]. - ICBC quickly resumed its "Ruyi Gold" accumulation services later the same day, indicating a rapid response to market conditions [4][11]. - Customers reported that physical gold bars were sold out within minutes, highlighting a surge in demand amid the service suspension [1][7]. Group 2: Market Reactions - Following the announcement of new tax policies on gold, shares of several gold and jewelry retailers fell significantly, with declines of nearly 10% for some companies [3]. - The new tax policy, effective from November 1, 2025, aims to clarify the tax treatment of gold transactions, potentially increasing costs for retailers and consumers [14][22]. - Retail prices for gold jewelry and bars are expected to rise due to increased procurement costs, with some retailers already adjusting prices in response to the new tax regulations [17][18][21]. Group 3: Tax Policy Implications - The new tax policy reduces the input tax deduction for non-investment gold from 13% to 6%, impacting the cost structure for gold jewelry manufacturers [14][22]. - The policy is designed to enhance the competitiveness of China's gold market and improve its pricing power on the international stage [3][14]. - Analysts predict that the changes will lead to higher retail prices for gold products, affecting consumer purchasing behavior [22].

Group 1 - The Industrial and Commercial Bank of China (ICBC) has suspended its "Ruyi Gold" accumulation business, affecting account openings, accumulation, and physical gold withdrawal applications due to macroeconomic policy impacts [2][9] - Various specifications of physical gold bars were sold out within minutes, with reports of customers only managing to purchase a 200g gold bar valued at 185,000 yuan [2][9] - The market for gold has seen significant price increases, with the price of 999 and 9999 gold rising from 926 yuan and 936 yuan per gram to 985 yuan and 995 yuan per gram, respectively, reflecting a rise of 59 yuan per gram [11][12] Group 2 - The Ministry of Finance and the State Taxation Administration announced new tax policies for gold transactions, exempting value-added tax for certain transactions involving standard gold [7] - Other banks, such as China Construction Bank and Bank of Communications, have also adjusted their gold accumulation rules in response to market changes, with minimum investment amounts now tied to real-time gold prices [11] - The gold jewelry market is experiencing price adjustments, with brands like Chow Tai Fook increasing their prices for both jewelry and investment gold [12]

Core Viewpoint - The new tax policy on gold introduced by the Chinese Ministry of Finance and the State Taxation Administration aims to differentiate taxation based on the purpose of gold purchases, which may reshape how individuals buy, store, and use gold in the future [1][2]. Tax Policy Details - The new policy implements a "purpose-based taxation" system, requiring sellers to issue regular invoices for standard gold transactions through the Shanghai Gold Exchange. The purchase of investment gold bars will be marked as "investment gold," allowing input tax deductions but prohibiting the issuance of special VAT invoices upon sale [2]. - Gold purchased for jewelry will be marked as "non-investment gold," allowing for the issuance of special VAT invoices when sold [2]. Impact on Consumers - The direct impact on consumers purchasing gold jewelry is expected to be minimal, as retail prices already include VAT and consumption tax. However, a potential decrease in the supply of non-exchange gold materials could indirectly raise production costs for gold jewelry [3]. - The new regulations primarily target standard gold transactions at exchanges and do not introduce new taxes or adjust rates for end-consumer gold jewelry purchases [3]. Investment Strategies - The implementation of the new tax policy emphasizes the importance of choosing the right purchasing channels for gold investments. Investors are encouraged to consider more transparent and regulated options, such as trading gold ETFs through securities exchanges or acquiring standardized products through banks [4]. - For those preferring physical gold, large commercial banks' branded gold bars are highlighted as the safest option, despite a potential premium over base gold prices, due to the banks' robust repurchase mechanisms ensuring asset liquidity [4]. - Investors are warned against non-regulated channels offering "low-priced" gold bars, as the new policy will make it significantly harder to liquidate such assets, potentially negating any initial price advantages [4].