The new value-added tax regulations on gold have triggered a chain reaction, causing multiple banks to suspend the exchange of accumulated gold for physical gold.

【New Gold Value-Added Tax Regulations Trigger Chain Reactions, Many Banks Suspend Accumulated Gold to Physical Gold Exchange】 On November 1, the Ministry of Finance and the State Administration of Taxation issued new regulations on the gold value-added tax. On the first working day after the weekend, banks such as Industrial and Commercial Bank of China and China Construction Bank successively announced the suspension of new purchases of accumulated gold and physical gold exchanges; some banks that did not issue explicit announcements have also effectively suspended physical gold exchanges. On November 3, the Industrial and Commercial Bank announced that due to macroeconomic policy impacts, in accordance with the bank's risk management requirements, starting from November 3, 2025, it will suspend the acceptance of applications for opening, active accumulation, new fixed accumulation plans, and the withdrawal of physical goods for its Ruyi Gold accumulation service. The execution of existing fixed accumulation plans for existing customers within the validity period, as well as the handling of redemptions and account closures, will not be affected. This means that new customers cannot buy, new investment plans cannot be opened, and physical goods cannot be withdrawn.