The “Notice on Gold Tax Policy” issued by the Ministry of Finance and the State Administration of Taxation was officially implemented on November 1. The new policy makes it clear that from November 1 to December 31, 2027, standard gold traded through the Shanghai Gold Exchange and the Shanghai Futures Exchange is exempt from VAT. However, once physical goods are taken out of stock or sold through non-exchange channels, VAT is levied according to current regulations. This means that the cost of investing in physical gold is rising. Since the New Deal may indirectly affect retail prices by affecting raw material costs, it has triggered a chain reaction among gold brand merchants, ordinary gold investors, and consumers. The impact is already being felt in large gold jewelry stores. According to online news, some merchants quickly removed gold bars, and some brands of gold bars exceeded 1,200 yuan per gram, which was even more expensive than gold jewelry. After visiting brands such as Lukfook Jewellery, Chow Tai Fu, and Lao Fengxiang in Guangzhou, the reporter found that investment bars are still being sold normally, and sales have not been suspended. On November 4, the midday trading price of Shanghai Gold was 913.54 yuan/gram. However, the price of gold bars invested by Chow Tai Fook, Lao Fengxiang, and Lukfook Jewellery was 1,170 yuan, 1,170 yuan, and 1,168 yuan, respectively, and there was no increase of more than 1,200 yuan/gram. During the visit, a person in charge of a brand gold store told the reporter that the original plan was to distribute the goods, but the upstream price had already increased by 70 yuan per gram, from the original purchase price of 900 yuan/gram to 970 yuan/gram, so the plan was suspended. “Although the terminal price has not yet been transferred to consumers, the investment bullion is 'let's talk about it when it's sold out'.”

The “Notice on Gold Tax Policy” issued by the Ministry of Finance and the State Administration of Taxation was officially implemented on November 1. The new policy clearly states that from November 1 to December 31, 2027, standard gold traded through the Shanghai Gold Exchange and the Shanghai Futures Exchange is exempt from VAT. However, once physical goods are taken out of stock or sold through non-exchange channels, VAT is levied according to current regulations. This means that the cost of investing in physical gold is rising. Since the New Deal may indirectly affect retail prices by affecting raw material costs, it has triggered a chain reaction among gold brand merchants, ordinary gold investors, and consumers. The impact is already being felt in large gold jewelry stores. According to online news, some merchants quickly removed gold bars, and some brands of gold bars exceeded 1,200 yuan per gram, which was even more expensive than gold jewelry. After visiting brands such as Lukfook Jewellery, Chow Tai Fu, and Lao Fengxiang in Guangzhou, the reporter found that investment bars are still being sold normally, and sales have not been suspended. On November 4, the midday trading price of Shanghai Gold was 913.54 yuan/gram. However, the price of gold bars invested by Chow Tai Fook, Lao Fengxiang, and Lukfook Jewellery was 1,170 yuan, 1,170 yuan, and 1,168 yuan per gram, respectively, and there was no increase of more than 1,200 yuan/gram. During the visit, a person in charge of a brand gold store told the reporter that the original plan was to distribute the goods, but the upstream price had already increased by 70 yuan per gram, from the original purchase price of 900 yuan/gram to 970 yuan/gram, so the plan was suspended. “Although the terminal price has not yet been transferred to consumers, the investment bullion 'will talk about it when it is sold out'.”