New VAT Regulations on Gold Trigger Chain Reaction: Multiple Banks Suspend Physical Gold Redemption for Accumulated Gold Accounts

Jinse Finance reported that on November 1, the Ministry of Finance and the State Administration of Taxation introduced new VAT regulations for gold. On the first working day after the weekend, banks such as Industrial and Commercial Bank of China and China Construction Bank successively issued announcements stating that they would suspend new purchases and physical gold redemption for their gold accumulation services; some banks without official announcements have also effectively suspended physical gold redemption. Among them, Industrial and Commercial Bank of China announced on the morning of November 3 that, due to macro policy influences and in accordance with the bank's risk management requirements, starting from November 3, 2025, it will suspend the opening of accounts, active accumulation, new regular accumulation plans, and applications for physical gold withdrawal for the Ruyi Gold Accumulation business. The execution of valid regular accumulation plans and the handling of redemption and account closure for existing customers will not be affected. This means that new customers cannot make purchases, new regular investment plans cannot be opened, and physical gold cannot be withdrawn.