距离11月1日财政部和税务总局发布《关于黄金有关税收政策的公告》（以下简称黄金税收新规或新规），已经过去半月有余。黄金市场发生了哪些变化？ 《每日经济新闻》记者近日进行了调查，发现三大现象。 第一，税改前后，金饰价格普涨约60元/克，金条价格涨幅不一；第二，重直销的连锁品牌金店在金条价格上更具优势，未发生大幅涨价；第三，大部分银 行渠道的金条价格没有受到影响，包括银行自营金条和代销金条。 深圳水贝市场图片来源：每经记者赵景致摄 多名受访者告诉记者，在新规的影响之下，未来黄金产业链将可能被重塑。一是金条产业链将缩短，场外交易将减少；二是虚开发票等利用黄金税收优惠政 策非法套利的空间将被压缩；三是未来金饰需要进一步提升工艺价值，以增强吸引力。 黄金珠宝市场价格出现三大现象 现象一：金饰价格普涨，金条价格涨幅不一 新规落地后，黄金珠宝市场很快泛起涟漪。 11月3日，记者来到深圳水贝市场，发现黄金首饰较此前涨价约60元/克。记者在现场看见，水贝很多商铺客人仍然络绎不绝，但消费者观望情绪更浓厚了。 店家表示："也不是大家都不买了，只是这两天都在观望。" 对于金饰涨价，水贝一店家对记者表示："黄金是13%的税，以前可以全 ...

Price Trends - Domestic gold jewelry prices have experienced a three-day decline starting from the 14th, with Lao Miao gold jewelry priced at 1289 yuan/gram, down 36 yuan/gram from the 13th; Lao Feng Xiang gold jewelry at 1293 yuan/gram, down 32 yuan/gram; and Chow Tai Fook and Chow Sang Sang both at 1305 yuan/gram, down 28 yuan and 23 yuan respectively from their high points on the 14th [2][3] Bank Adjustments - Several banks, including China CITIC Bank and China Construction Bank, have raised the minimum investment amount for gold accumulation products, with CITIC Bank increasing the minimum from 1000 yuan to 1500 yuan effective November 15, 2025 [3][4] - Some banks have shifted their gold accumulation model from fixed amounts to variable amounts based on gold price fluctuations [5] Market Analysis - International gold prices have shown significant pullbacks after reaching recent highs, attributed to the temporary easing of U.S. government shutdown risks and a decrease in safe-haven demand [5] - Analysts suggest that macroeconomic and geopolitical factors affecting gold prices remain complex, with ongoing U.S. fiscal deficits and high geopolitical risks in regions like the Middle East [5] - Despite short-term volatility, many institutions maintain a long-term bullish outlook on gold, with UBS strategists predicting gold could reach 5000 USD/ounce between 2026 and 2027 [5] Future Scenarios - Citigroup has outlined multiple scenarios for gold prices, including a bullish scenario where gold could reach 6000 USD/ounce by the end of 2027 if there is a significant reallocation of global wealth [6] - Citigroup's base case anticipates a price drop to 3650 USD/ounce in 2026 due to an improving U.S. economic environment, while a bearish scenario could see prices fall to around 3000 USD/ounce if geopolitical tensions and fiscal concerns ease significantly [6]

Core Insights - On November 13, 2025, global financial markets focused on precious metals, with international spot gold prices experiencing notable fluctuations, reaching $4,129.2 per ounce [1] - The domestic gold market also showed complex dynamics, with real-time prices providing investors with immediate market references [2] Domestic Precious Metals Market - The domestic gold price was reported at 946.3 RMB per gram, while silver, platinum, and palladium prices were 11.6 RMB, 365.7 RMB, and 332.6 RMB per gram respectively [2] - Various jewelry brands offered different retail prices for gold, with notable examples including Chow Tai Fook at 1,313 RMB per gram for gold jewelry and 642 RMB for platinum [5] Gold Price Trends - The Shanghai Gold Exchange reported a gold price of 942.19 RMB per gram, down 4.31 RMB from the previous trading day, reflecting a decline of 0.455% [6] - The price fluctuated during the day, reaching a high of 949.22 RMB and a low of 938.16 RMB [6] Financial Institutions' Gold Bar Pricing - Different financial institutions offered varying prices for their gold bars, with prices ranging from 936.1 RMB to 976 RMB per gram [7] - For instance, the Agricultural Bank's gold bar was priced at 945.2 RMB per gram, while the higher-priced option from Qianjiaxin was 1,072 RMB per gram [7] Investment Logic Behind Gold Price Movements - Recent adjustments in international gold prices followed a significant prior increase, with London spot gold prices dipping below $4,000 per ounce [8] - Factors influencing this trend included a strengthening dollar, high interest rates, and a shift in global investor risk appetite [8][9] Dollar and Interest Rate Impact - A strong dollar typically pressures gold prices, while a weak dollar supports them; recent Federal Reserve actions have contributed to a stronger dollar [9] - High yields on 10-year U.S. Treasury bonds, currently above 4.1%, have led investors to reassess the opportunity cost of holding gold [9] Evolving Investor Sentiment - The allure of gold as a safe-haven asset has diminished as geopolitical and financial risks have eased, prompting a shift of funds towards equities, bonds, and cryptocurrencies [10] - The adjustment in gold prices reflects a rebalancing of market investment logic rather than panic selling or a decline in gold's intrinsic value [10]

国内金价暴跌20元！现在是上车的黄金时刻吗？ 小区的黄金柜台前最近热闹得很：张大妈攥着存折犹豫要不要抄底，说上周看的投资金条还928元/克， 这周就跌到908元/克，单克降了20元；刚订婚的小李更纠结，想给未婚妻买金镯子，又怕买完再跌，不 买又担心后续涨价。2025年11月的黄金市场像坐过山车，国际金价从4381美元/盎司的峰值单日暴跌超 500美元，国内金价也跟着回调，不少人都在问：这波下跌是"抄底良机"还是"套牢陷阱"。 1. 暴跌实锤：国内单克跌20元，金店却"抗跌"？ 2. 暴跌原因拆解：政策+国际，双重因素砸盘？ 这波金价下跌，是国内政策调整和国际市场变化的双重作用，每一个原因都有实打实的依据。 第一个关键因素是国内税收新政冲击。2025年11月1日，财政部、税务总局明确区分投资性与非投资性 黄金的增值税政策，非投资性黄金进项税抵扣大幅降低，推高了部分企业成本，市场担忧后续流通成本 上升，引发短期抛售潮。政策落地后，工行、建行等银行还一度暂停黄金积存业务，调整系统对接，进 一步加剧了市场波动。 先给大家上硬数据，这波金价下跌可不是空穴来风。上海黄金交易所数据显示，11月以来黄金（T+D） 价格从92 ...

Core Insights - The gold market is experiencing a volatile yet stable trend, influenced by multiple international factors, which is crucial for both consumers and investors [1] - International gold prices have fluctuated between $3900 and $4050 per ounce, primarily driven by developments in the U.S. market [1][8] - The Michigan Consumer Sentiment Index for November is at a low of 50.3, the lowest since June 2022, indicating increased demand for gold as a safe-haven asset [1] International Gold Market Data - As of November 8, 2025, the international gold price is reported at $4000.8 per ounce, while domestic gold is priced at 917.4 yuan per gram [3] - Silver and platinum prices are reported at 11.15 yuan per gram and 356.2 yuan per gram, respectively, showing a relatively stable price trend [3] Domestic Market Price Details - Domestic gold prices remain stable, with real-time prices at 915.5 yuan per gram for gold, 11.1 yuan per gram for silver, and 356 yuan per gram for platinum [4] - Retail gold jewelry prices are consistent, with major brands priced around 1268 yuan per gram, while some brands like Cai Bai and China Gold offer more competitive pricing [4] - Certain brands have seen price increases, with notable rises from Jin Dafu by 9 yuan, indicating market dynamics at play [4] Bank Gold Bar Prices - Prices for bank gold bars vary among the four major banks, with Agricultural Bank offering the highest price at 945.20 yuan per gram, while Bank of China offers the lowest at 928.73 yuan per gram [6] Hong Kong Brand Gold Prices - In Hong Kong, brand gold prices are reported between 1184-1185 HKD per gram, which translates to approximately 1084-1085 yuan per gram, highlighting a significant price difference compared to mainland retail prices [6] Overall Market Analysis - The current gold price trends are a result of both international macroeconomic conditions and domestic consumer demand [8] - Consumers are advised to monitor the impact of international gold prices on the domestic market for better purchasing decisions, while investors should focus on U.S. Federal Reserve policies and geopolitical changes [8]

Core Viewpoint - The recent tax policy changes in China's gold market have led to significant price increases for gold jewelry and adjustments in banking operations, impacting both consumers and businesses in the industry [1][2][5]. Tax Policy Changes - The new tax policy, effective from November 1, 2023, exempts value-added tax (VAT) on standard gold traded on exchanges, while physical gold transactions incur a 13% VAT [2][3]. - The policy distinguishes between investment gold (e.g., gold bars) and non-investment gold (e.g., jewelry), with different tax treatments aimed at encouraging investment demand and regulating the physical gold consumption market [2][4]. Banking Sector Adjustments - Major banks, including Industrial and Commercial Bank of China and China Construction Bank, quickly adjusted their gold accumulation business in response to the new tax policy, temporarily suspending certain services [3][4]. - The rapid response from banks indicates a focus on risk management amid fluctuating gold prices and new regulatory requirements [4]. Price Increases in Jewelry - Gold jewelry brands, such as Chow Tai Fook and Chow Sang Sang, have raised their prices significantly, with reports of price hikes of over 1000 yuan for certain items within days of the new policy announcement [5][8]. - The increase in prices is attributed to the additional costs imposed by the new tax regulations, which have affected procurement and production costs for jewelers [8][12]. Impact on Consumers - Consumers purchasing gold bars are expected to face limited direct cost increases due to the VAT exemption for transactions through exchange members, while those buying jewelry may experience significant price hikes [9][10]. - The new tax policy may lead consumers to prefer compliant channels for purchasing gold to avoid additional tax burdens [10][12]. Industry Dynamics - Large jewelry brands are likely to manage the cost increases better due to their scale and membership in trading exchanges, while smaller retailers may struggle with higher procurement costs and competitive pressures [12][13]. - The new regulations are expected to encourage small retailers to purchase directly from exchanges, potentially leading to market volatility in the short term but fostering a more regulated market in the medium term [13].

Core Viewpoint - The recent implementation of new tax regulations on gold trading has led to significant price changes in the Shenzhen Shui Bei market, with retail gold prices rising sharply while recovery prices have decreased, widening the buy-sell price gap [1][2][4]. Price Changes - As of November 5, 2023, the price of gold jewelry in the Shui Bei market has increased to approximately 993 yuan per gram, up from 931 yuan per gram on November 3, marking a rise of nearly 60 yuan [2][3]. - The gold recovery price has decreased to around 898 yuan per gram, creating a price difference of nearly 100 yuan compared to the new retail price [2][3]. Tax Impact on Pricing - The introduction of a 7% to 8% value-added tax by upstream suppliers has contributed to the increase in retail prices, with the tax adding nearly 70 yuan per gram to the cost [2][4]. - The requirement for invoices has also influenced the actual transaction prices, with the final selling price reaching around 1000 yuan per gram when including additional consumption tax [2][4]. Market Dynamics - There is a noticeable price differentiation among merchants in the Shui Bei market due to varying tax cost transmission rates, with some merchants still offering lower prices due to pre-regulation inventory [3][4]. - The new tax regulations have prompted some consumers to consider investment-grade gold bars as an alternative to jewelry, potentially shifting market dynamics towards more standardized trading [7][8]. Investment Strategies - Investors are attempting to leverage bank "accumulated gold" services to extract physical gold for arbitrage, although this strategy involves complex cost calculations and may not be feasible for average investors [4][5]. - Several banks have suspended or adjusted their "accumulated gold" services in response to the new regulations, indicating a shift in operational strategies [5][6]. Industry Challenges - The new regulations have increased the tax burden on gold jewelry manufacturers, which may lead to a decline in jewelry consumption as consumers seek to avoid higher prices [7][8]. - Retailers are under pressure to adapt their business models, focusing either on investment-grade products or enhancing the value of consumer products through design and branding [8].

Core Viewpoint - The article emphasizes the distinction between gold jewelry as a consumer product and investment gold as a financial asset, highlighting that many individuals misunderstand these differences, leading to potential financial losses. Group 1: Differences Between Gold Jewelry and Investment Gold - Gold jewelry primarily serves a decorative function, while investment gold focuses on asset appreciation, leading to fundamentally different design logics [3][5] - Jewelry is a combination of consumption and storage value, but its investment attributes are weak, as many young consumers prioritize design and brand over investment value [3][5] - Investment gold, such as bank gold bars and gold ETFs, closely tracks international gold prices without additional costs, making it a standardized financial asset [3][5] Group 2: Pricing and Premium Costs - The premium cost associated with gold jewelry can significantly exceed the actual gold price, with jewelry premiums potentially reaching 30% even when gold prices drop by 10% [5][8] - For example, on October 31, the raw gold price was 917.8 CNY per gram, while investment gold bars sold for 868.4 CNY per gram, with a premium of only 2%-3%, compared to jewelry prices of 1098-1105 CNY per gram, reflecting a premium over 25% [5][8] - The article illustrates that the actual cost of jewelry can be misleading, as seen in a case where a consumer paid 23,000 CNY for a gold bracelet, which would result in a loss of over 4,000 CNY if sold at current prices [5][8] Group 3: Liquidity and Realization of Gains - Investment gold can be easily liquidated, with bank gold bars being resold at current market prices minus minimal fees, while gold ETFs can be sold with just a click [7][8] - In contrast, gold jewelry faces significant challenges in realization, including lower buyback prices due to purity assessments and additional fees that can lead to substantial losses [7][8] - The article warns that larger gold jewelry pieces are harder to sell, as their high total price makes finding buyers more difficult, leading to potential losses [7][8] Group 4: Consumer Guidance - Consumers should clarify their purpose: buy jewelry for personal enjoyment and not as an investment, while investment gold should be chosen solely for value preservation [8][9] - The article advises against the misconception that jewelry can serve both as a wearable item and an investment, as this often results in financial losses [9][10] - Recommendations include selecting clearly defined weights, avoiding high-premium "one-price" jewelry, and considering bank investment gold or gold ETFs for better liquidity and lower costs [11]

Core Insights - A new jewelry store named Rife Jewelry has been established in Zhanggong District, Ganzhou City, with a registered capital of 50,000 RMB [1] Company Overview - The legal representative of Rife Jewelry is Zhang Fangren [1] - The business scope includes wholesale and retail of jewelry, sales of gold and silver products, and sales of arts and crafts [1] - The store also engages in internet sales, jewelry manufacturing, and jewelry recycling and repair services [1] Regulatory Compliance - The business operates under the premise of self-managed activities as per the business license, excluding projects that require approval [1]

Core Insights - Recent fluctuations in gold prices have been observed, particularly in the context of RMB gold and various brand gold bars, indicating significant price differences among brands [1][9][14] Brand Gold Prices Comparison - Major jewelry brands such as Chow Tai Fook, Tse Sui Luen, King Fook, and Chao Hong Ji have gold prices around 1198 RMB per gram, with platinum at 650 RMB per gram and gold bars at approximately 1058 RMB per gram [1] - Chow Sang Sang's gold is priced at 1203 RMB per gram, with gold bars at 1124 RMB per gram [2] - Lao Feng Xiang's gold is priced at 1200 RMB per gram, with gold bars at 1150 RMB per gram [3] - Cai Bai's gold is cheaper at 1168 RMB per gram, with gold bars at 1022 RMB per gram [3] - China Gold offers gold at 1118 RMB per gram, making it a lower entry point for potential investors [3] Financial Institutions Gold Prices - Prices for gold bars from banks are generally lower than those from jewelry stores, with China Construction Bank's Long Ding gold bars priced at 915.4 RMB per gram, and Agricultural Bank's Chuan Shi Zhi Bao at 918.3 RMB per gram [6] - The Shanghai Gold Exchange lists gold bars at 915 RMB per gram, while China Gold's investment gold bars are the highest at 960 RMB per gram [7] Reasons for Recent Price Decline - The recent drop in gold prices is primarily influenced by international market factors, including the US dollar's performance, global economic data, and geopolitical issues [9] Buying Recommendations and Strategies - For short-term buyers, November's prices are relatively low compared to previous months, making it a good time to consider purchasing jewelry or small gold bars [10][14] - For long-term investments, a strategy of phased purchases is recommended to mitigate risks associated with price volatility [10][14] - It is advised to focus on banks and exchanges for gold bars due to their higher purity and transparent pricing [10][14] Summary - Overall, domestic gold prices have slightly decreased, with minor differences in jewelry prices but significant disparities in gold bar prices. Financial institutions offer more affordable and reliable options for gold bars [14]