The new gold value-added tax regulations have caused a chain reaction, and many banks have suspended the conversion of accumulated gold into physical gold

On November 1, the Ministry of Finance and the State Administration of Taxation issued new regulations on gold value-added tax. On the first working day after the weekend, Industrial and Commercial Bank of China, China Construction Bank and other banks successively issued announcements to suspend the new purchase and physical gold exchange of accumulated gold business; some banks that did not explicitly announce the announcement actually suspended the physical gold exchange.
Among them, the Industrial and Commercial Bank of China announced on the morning of November 3 that due to the influence of macro policies, according to the bank's risk management requirements, since November 3, 2025, it will suspend the acceptance of Ruyi Gold accumulation business account opening, active accumulation, new regular accumulation plan and application for physical withdrawal. The implementation of the regular accumulation plan and the handling of redemption and account cancellation for existing customers within the valid period will not be affected. This means that new customers cannot buy, new investment plans cannot be opened, and physical goods cannot be picked up.