The large-scale accumulation and storage gold business has been temporarily suspended and resumed, with some banks increasing the price of gold bars including taxes.

On November 3rd, due to the impact of the new gold tax policy, several banks such as Industrial and Commercial Bank, Construction Bank, and Agricultural Bank suspended their gold accumulation and physical exchange businesses. Some banks made significant adjustments to related businesses. For example, China Merchants Bank has shifted some of its self-operated physical gold products to consignment sales mode, and temporarily removed some self-operated products. According to bank staff and customer service representatives, the investment gold bar prices at the bank are now based on the post-tax adjusted prices. In addition, Industrial and Commercial Bank announced the resumption of related businesses quickly that evening. Behind this back and forth, how much impact does the new tax policy have on banks' precious metal business? Some industry insiders told reporters that considering the characteristics of the sales model for bank investment gold bars, the new policy has some impact on the costs of banks' precious metal business, but the overall impact is not significant. In the future, the cooperation models between banks and gold companies and other third-party institutions may change.