[Expert Analysis: New Gold Trading Tax Policy Has No Direct Impact on Ordinary Consumers] According to the Ministry of Finance's announcement, starting from November 1, 2025, the 'Announcement on Tax Policies Related to Gold' will be officially implemented until December 31, 2027. It clarifies the VAT management standards for 'investment gold' and 'non-investment gold.' The new regulation classifies gold types based on 'purity + function,' aiming to regulate the market, curb arbitrage activities, and reduce compliance investment costs. Industry experts state that this move will guide funds toward standard gold and ETFs, which are highly liquid products, and will have no direct impact on ordinary consumers.