The new gold tax policy may lead to a short-term shift in individual investment channels for gold.

Setting aside the operation of suspending and then resuming the extraction of physical gold bars by Industrial and Commercial Bank and China Construction Bank, the tightening of the bank's gold accumulation business has become a reality. Since October, multiple banks have raised the minimum purchase threshold for gold accumulation business, with some banks raising it to 1200 yuan. However, interviewees generally believe that if other banks suspend or tighten their gold accumulation business in the future, it may lead to the migration of channels for individual investment in gold in the short term.