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In a significant shift for the global bullion market, China has abolished a key tax break on gold purchases. Starting November 1, the Ministry of Finance announced that retailers can no longer offset value-added tax (VAT) when selling gold purchased from the Shanghai Gold Exchange, whether sold directly or after processing.

The decision marks the end of a long-standing incentive that helped fuel one of the world’s biggest gold markets. It comes as Beijing seeks to shore up public finances strained by sluggish property sales and slowing economic growth.

Move Likely to Raise Gold Prices for Chinese Buyers

The change is expected to increase gold prices for consumers in China, a nation known for its strong retail demand for bullio

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