材质 销售价格回收价格投资金964930首饰金1097930铂金389328 白银 15.49.9 注：黄金价格是实时变化的，以上回收金价仅供参考，具体以结算价格为准！（11：15） 来源：市场资讯 （来源：今日金价行情） 11月26日水贝价格（单位元/克） ...

黄金税正式实施后，国内黄金市场迎来剧烈调整。购金成本陡然上涨，作为全国黄金核心集散地的深圳水贝，商家业务遇冷，部分商家因上游黄料（业内 对黄金的统称）断供，计划售罄现有存货后提前返乡，被网友调侃"今年最早回家过年的是水贝商家"。 值得一提的是，成都梨花街有商家推出购买旧黄金料可按938元/克以克换克，"但必须使用现金"；不少消费者也精打细算，选择从银行购入无税金条，再 找手工艺人加工成首饰，以此规避部分成本。 对此，律师特别提醒，不该省的钱别省，以上操作可能涉嫌违法，属于偷税漏税行为，更严重金额较大者，可能会被认定为可疑交易，涉嫌洗钱等违法活 动。 深圳水贝商家感叹税改对生意冲击大 图源网络 黄金税冲击水贝市场 封面新闻记者 杨芮雯 邹阿江 成都梨花街摄影报道 部分图片由受访者提供 有商家卖完货打算提前返乡 作为国内黄金珠宝产业的"心脏"，深圳水贝黄金珠宝市场的动向向来是行业风向标。往日里，这里的档口前人头攒动，批发商、零售商与消费者络绎不 绝，黄金料的流转速度堪称行业之最。 11月8日上午，封面新闻记者观察到，水贝市场内的金价实时大屏已将投资金与首饰金分类标注，两者价差清晰：投资金为940元/克，首饰金为1 ...

Core Viewpoint - The new tax policy announced by the Ministry of Finance and the State Administration of Taxation on November 1, 2025, introduces a classification management system that distinguishes between investment and non-investment uses of gold, replacing a policy that has been in place for over 20 years. This change is expected to reshape the industry landscape by affecting value distribution along the supply chain and accelerating compliance processes [1]. Summary by Relevant Sections New Policy Changes - The new policy differentiates between investment and non-investment uses, applying different tax rules to each category [2][3]. - Under the old policy, there was no distinction in tax management based on usage, and all intermediaries were exempt from input VAT regardless of the number of transactions [2]. - For investment purposes, member units retain the old policy benefits when purchasing gold from exchanges, but they can only issue ordinary invoices for secondary sales, limiting input tax deductions for buyers [2][3]. - Non-investment purposes will see a general increase in tax costs, with the input tax deduction rate dropping from 13% to 6% [2][3]. Financial Implications - The new policy results in a significant tax burden increase for non-investment gold, with the tax rate changing from 13% to 6% for input VAT, impacting overall costs for businesses and consumers [4][5]. - The tax burden changes under the new policy indicate a 6.5% increase in tax costs for non-investment gold transactions [4]. Market Reactions - The implementation of the new policy has led to increased prices for gold jewelry, with major brands like Chow Tai Fook and Lao Feng Xiang raising prices by over 5% [6]. - Some merchants have paused sales in certain channels to assess the impact of the new policy, particularly concerning gold recycling and internal investment flows [6][7]. - A price war may emerge as some merchants attempt to adjust to the new tax landscape, although this effect is expected to diminish over time [7]. Long-term Industry Outlook - The new tax policy is anticipated to promote healthy industry development, with long-term growth benefits expected for the overall market [9]. - The concentration of investment gold business channels is likely to increase significantly, as member units will have a notable price advantage over other channels [9][10]. - Non-investment gold sectors will face higher tax burdens, potentially reducing short-term demand but allowing companies with strong product or brand advantages to gain market share [9][10].

Core Viewpoint - The new tax policy on gold, effective from November 1, 2023, primarily affects the value-added tax (VAT) on gold purchases, which is expected to increase the price of gold jewelry significantly due to changes in tax deduction rates [1][3][10]. Tax Policy Impact - The new policy introduces a VAT rate of 13% on gold, with a deduction rate reduced from 13% to 6% for non-investment gold purchases, leading to increased costs for consumers [3][6]. - For example, if a company purchases gold at 920 yuan per gram and sells it as jewelry for 1200 yuan, the VAT payable will increase from 36.4 yuan to 100.8 yuan, resulting in a price increase of approximately 64.4 yuan per gram for consumers [4][6]. Comparison of Investment vs. Non-Investment Gold - Non-investment gold, such as jewelry, will see a price increase due to the new tax policy, while investment gold, like gold bars, will incur higher tax obligations as no input tax can be deducted [8][10]. - For instance, if a company buys a gold bar at 600 yuan per gram and sells it at 1000 yuan, the full VAT will apply, leading to an additional cost of 130 yuan per gram for the end consumer [8]. Beneficiaries of the New Tax Policy - The primary beneficiaries of the new tax policy are financial products like paper gold and gold ETFs, which are exempt from VAT as they do not involve physical delivery of gold [10][12]. - The policy aims to differentiate tax rates based on the purpose of gold purchases, encouraging investment in financial derivatives rather than physical gold [12][14].

Core Viewpoint - The recent announcement regarding gold tax policies has led to speculation about potential changes in gold prices and concerns over increased investment and purchasing costs for investors [1] Group 1: Impact on Jewelry Gold - The new tax regulations will not increase the purchasing cost of jewelry gold, as the existing 13% value-added tax (VAT) is already included in the retail price, making it less noticeable to consumers [3] - For example, purchasing a gold chain worth 100,000 yuan includes approximately 11,500 yuan as VAT, which is ultimately borne by the consumer [3] Group 2: Impact on Financial Gold Investments - Financial products like gold ETFs, accumulated gold, and paper gold are not subject to VAT under the new regulations, maintaining their cost-effectiveness for investors [5] - The new rules primarily affect physical gold transactions at exchanges, while gold ETFs and paper gold remain convenient and low-cost options for investors [5] Group 3: Impact on Physical Gold Bars - Purchasing physical gold bars will incur VAT due to changes in storage location (i.e., withdrawal), which was previously exempt from tax [7] - Investors in physical gold bars must now consider the VAT cost, especially short-term traders, who need to ensure that price increases can cover the tax burden to achieve profitability [7] Group 4: Rationale Behind Policy Changes - The adjustment in gold tax policy is not primarily driven by a decline in fiscal revenue, as gold VAT contributes minimally to overall income [9] - The main objectives of the new policy are to encourage a shift from physical gold trading to more liquid and cost-effective options like ETFs and paper gold, while also addressing tax loopholes exploited by businesses [9] Group 5: Influence on Gold Prices - Domestic gold prices are mainly influenced by international gold prices, which are determined by global supply and demand dynamics, rather than domestic tax policy changes [11] - While the price of investment gold bars may see a slight increase due to tax costs, this will not affect the actual returns for investors, and other gold products will remain unaffected by the new regulations [11] Group 6: Summary of Impacts - The new gold tax policy's effects on individual investors vary by product category: the cost of jewelry gold remains unchanged, gold ETFs and paper gold retain their tax advantages, while investment in gold bars incurs additional VAT costs [13]

Group 1 - The global gold price has been rising continuously this year, attracting investor attention, with the current jewelry gold price reaching 1138 CNY per gram, approximately 35400 CNY per ounce [1] - Investors are increasingly focusing on gold and silver commemorative coins, particularly those with both precious metal attributes and cultural collectible value, exemplified by the Liang Hongyu gold coin series [1] Group 2 - Recent transactions of two Liang Hongyu gold coins show a significant price difference due to their grading, with a PF70 graded coin selling for 14283 CNY and a PF69 graded coin for 13248 CNY, highlighting the impact of coin condition on market price [6] - The PF69 graded coin's transaction price is nearly 25% lower than the value of its gold content, a common occurrence in the gold and silver coin market, emphasizing the unique appeal of collectible coins [6] - The price difference between PF69 and PF70 grades is primarily due to "grading premium" in the coin collecting market, where PF70 is rare but the actual condition difference is minimal, allowing investors to acquire similar artistic value at a lower price [7] Group 3 - The market's sensitivity to grading scores is higher than its reaction to gold price fluctuations, providing rational investors with a unique opportunity to enter the gold and silver coin market [7] - Accurate historical transaction data is essential for investors exploring the gold and silver coin market, with platforms like Zhao Yong Online APP offering a green card feature for 15 years of historical price query services [7]

Group 1 - The current retail gold prices range from 1180 to 1223 RMB per gram, with the highest prices from brands like Fu Yi Jewelry and Jia Hua Jewelry at 1223 RMB per gram [1] - Investment gold bars show significant price variation, with Fu Yi Jewelry at 1075 RMB per gram and China Gold at 998 RMB per gram, indicating a clear distinction between jewelry and investment pricing [1] - Platinum prices also exhibit considerable fluctuation, with PT950 platinum priced at 643 RMB per gram from Fu Yi and 459 RMB from Lai Yin, reflecting the brand's pricing freedom and market demand [3] Group 2 - Silver prices vary widely, with retail prices for silver jewelry at 11.04 RMB per gram compared to a base price of 7.43 RMB per gram from China Currency Gold, highlighting the difference between raw material and finished product pricing [3] - Bank gold bar prices differ significantly, with Agricultural Bank offering the lowest at 947.6 RMB per gram and Shanghai Gold Exchange listing at 950 RMB per gram, emphasizing the need for consumers to compare prices across banks [3] - The article suggests that consumers should consider the purpose of their gold purchase, whether for aesthetics or investment, as this will influence the choice between jewelry and investment gold bars [5] Group 3 - The article advises against making large purchases at once due to market volatility, recommending a phased approach to buying gold to mitigate risks [5] - It highlights that while short-term trading in gold can be risky, gold remains a stable asset for long-term value preservation, especially during inflation [7] - The market currently presents opportunities for consumers, with a widening price gap between jewelry and investment gold, allowing for strategic purchasing decisions [8]

Group 1 - The core point of the article is that the recent drop in gold prices presents a buying opportunity for consumers, as prices have decreased significantly compared to previous levels [1][3]. - Current gold prices from major brands are as follows: Chow Tai Fook at 1168 CNY per gram, platinum at 665 CNY per gram, and gold bars at 1037 CNY per gram, with some brands like China Gold dropping to 1071 CNY per gram [1][3]. - The decline in gold prices is attributed to a stronger US dollar, rising US Treasury yields, and a seasonal dip in domestic consumption, making it a favorable time for potential buyers [3][9]. Group 2 - Consumers should differentiate between "jewelry gold" and "investment gold," as the former includes additional costs such as craftsmanship and brand premiums, making it more expensive [3][6]. - It is advisable to monitor gold prices for a few days before making a purchase, as prices can fluctuate frequently, and a drop today does not guarantee a continued decline [5][10]. - The cost of craftsmanship should not be overlooked, as it can significantly affect the total price of jewelry, with fees ranging from 80 to 150 CNY per gram for brands like Chow Tai Fook [6][7]. Group 3 - The price differences among brands can be substantial, with some brands offering prices that vary by nearly 1000 CNY for larger purchases, emphasizing the importance of comparing prices [7][8]. - For those looking to buy gold for weddings or gifts, the current price drop is advantageous, while long-term investors should consider the stability of gold as a value-preserving asset [8][9]. - The article concludes that gold price fluctuations are normal, and maintaining a steady mindset is crucial for making informed purchasing decisions [10].

Group 1 - The core difference between bank gold and jewelry gold lies in their pricing and purpose, with bank gold being investment-oriented and jewelry gold incorporating craftsmanship and brand premiums [2][4][6] - Current bank gold prices range from approximately 877.80 to 918.21 CNY per gram, while jewelry gold prices exceed 1000 CNY per gram, reflecting the added costs associated with jewelry [2][8] - Investment gold is suitable for those looking to preserve value, while jewelry gold represents emotional value and is often purchased for gifts or personal significance [4][6][10] Group 2 - The current gold price is stable yet high, influenced by factors such as the strength of the US dollar, Federal Reserve interest rate policies, and geopolitical situations [8][9][12] - Ordinary consumers should choose between investment gold for value preservation or jewelry gold for personal use, with recommendations to buy high-purity, simple designs if both purposes are desired [10][12] - The future outlook for gold suggests it will remain a preferred safe-haven asset, with prices likely to experience high-level fluctuations rather than drastic changes [12]

Core Insights - International gold prices have reached new highs, with jewelry gold prices also rising significantly during the recent holidays [1][2] - The market anticipates further interest rate cuts from the Federal Reserve, coupled with a weakening dollar, which supports gold prices [1][4] Price Trends - Jewelry gold prices have generally surpassed 1100 RMB per gram, with major brands quoting around 1130 RMB per gram during the National Day holiday [2] - Specific quotes include Chow Tai Fook at 1129 RMB per gram and Lao Feng Xiang at 1131 RMB per gram, with investment gold priced at 999 RMB per gram [2] Promotional Activities - During the holiday period, various brands offered discounts, with some promotions reducing the price of gold by 160 RMB per gram [2][3] - Discounts included 8% off on certain gold items and buy-one-get-one-free offers on diamond products [3] Market Analysis - Analysts from Galaxy Securities suggest that the trend of monetary policy easing by the Federal Reserve is established, which may lead to increased global ETF holdings in gold, further driving up prices [4] - The World Gold Council reported a significant increase in global gold ETF holdings, with a notable rise of nearly 27 tons in a single day [4] Future Outlook - UBS forecasts a bullish trend in the gold market, predicting prices could reach 4200 USD per ounce by mid-2026 due to factors like a weakening dollar and increased central bank purchases [5] - Tianfeng Securities identifies three key factors supporting precious metals: safe-haven demand, ongoing central bank purchases, and inflation expectations [5] Short-term Risks - Some experts caution about potential short-term risks, noting that gold prices are currently high and may experience corrections [5]