On November 3, the three major A-share indices opened lower but then turned positive across the board. COMEX gold futures hit a low of $3,971 in the early session before stopping the decline and rebounding. By the close of A-shares, gold futures had risen to $4,025 per ounce, with intraday fluctuations exceeding $54. Gold-related ETF products showed mixed performance: China Gold ETF (518850) rose 0.05%, Gold Stock ETF (159562) fell 2.11%, and Nonferrous Metals ETF Fund (516650) fell 1.28%.

On November 1, the "Announcement by the Ministry of Finance and the State Taxation Administration on Tax Policies Related to Gold" was officially released, further clarifying tax administration matters related to gold. The new tax policy distinguishes between physical gold delivery and non-physical gold delivery. The holding cost of investment physical gold may increase, and the policy will take effect on November 1, 2025. Affected by this, some merchants have quickly removed gold bar products from their shelves.

For ordinary investors, when purchasing physical gold bars or gold products through non-exchange channels such as bank counters or gold stores, the value-added tax payable by the seller is passed on to the buyer. However, commodity gold ETFs that track the Shanghai gold spot price continue to enjoy tax incentives and are unaffected by this policy, which is expected to attract more physical gold investors to allocate funds.

It is worth noting that the management fee of 0.15% and custody fee of 0.05% for China Gold ETF (518850) and Gold Stock ETF (159562), totaling 0.2%, are the lowest rates in the sector, helping investors participate in the gold market at a lower cost.