黄金、白银一路暴涨！两大交易所出手 调整涨跌停板、保证金比例

Core Viewpoint - The Shanghai Futures Exchange (SHFE) and the Shanghai Gold Exchange (SGE) have announced adjustments to the price fluctuation limits and margin requirements for various futures contracts, including gold and silver, effective January 30, 2026, in response to recent market volatility and rising prices [1][2][7]. Group 1: SHFE Adjustments - The SHFE has adjusted the price fluctuation limits for nickel futures to 11%, with margin requirements set at 12% for hedging positions and 13% for general positions [2][5]. - For aluminum oxide, lead, and zinc futures, the fluctuation limit is set at 9%, with margin requirements of 10% for hedging and 11% for general positions [2][5]. - The fluctuation limit for stainless steel, casting aluminum alloy, rebar, and hot-rolled coil futures is adjusted to 7%, with corresponding margin requirements of 8% for hedging and 9% for general positions [2][5]. - Gold futures (AU2606, AU2608, AU2610, AU2612, AU2702) will have a fluctuation limit of 16%, with margin requirements of 17% for hedging and 18% for general positions [2][5]. - Silver futures (AG2605, AG2606, AG2607, AG2608, AG2609, AG2610, AG2611, AG2612, AG2701) will also have a fluctuation limit of 16%, with the same margin requirements as gold [2][5]. Group 2: SGE Adjustments - The SGE has announced that the margin level for silver deferred contracts (Ag T+D) will increase from 19% to 20%, effective January 30, 2026, while the fluctuation limit will rise from 18% to 19% [7][8]. - The SGE emphasizes the need for members to enhance risk awareness and prepare for potential market fluctuations [7][8]. Group 3: Market Context - The adjustments come amid a significant rise in gold prices, which have surged past $5,200 and $5,300 per ounce, reaching historical highs [9][10]. - Silver prices have also seen dramatic increases, rising from approximately $70 to over $110 per ounce in January 2026 [14]. - The recent price movements are attributed to geopolitical tensions and concerns regarding central bank policies, which have led to a structural risk premium in the market [17].