上海黄金交易所通知：调整！

Core Viewpoint - The Shanghai Gold Exchange has announced adjustments to the margin levels and price fluctuation limits for gold and silver contracts due to the recent surge in prices, emphasizing the need for enhanced risk management among members and investors [1][3][4]. Summary by Sections Margin and Price Limits Adjustment - Starting from September 5, 2025, the margin level for various gold contracts will increase from 13% to 14%, and the price fluctuation limit will rise from 12% to 13%. For silver contracts, the margin will increase from 16% to 17%, with the fluctuation limit changing from 15% to 16% [3]. Market Performance - Gold and silver prices have recently experienced significant increases, with gold reaching a peak of nearly $3547 per ounce on September 3 [5][10]. Physical Gold Prices - On September 3, domestic gold jewelry brands reported rising prices for gold jewelry, with prices reaching 1056 CNY per gram for Chow Sang Sang and 1053 CNY per gram for brands like Chow Tai Fook and Luk Fook [8]. Macro Economic Factors - The market sentiment has shifted towards a risk-averse mode, influenced by expectations of interest rate cuts by the Federal Reserve and geopolitical tensions, which have driven up the prices of safe-haven assets like gold and silver [10]. Silver Market Dynamics - Silver's industrial demand, particularly in the photovoltaic sector, has contributed to a supply deficit for five consecutive years, further driving up prices. Analysts predict that silver will outperform gold by the end of the year, with potential price increases driven by a favorable gold-silver ratio [11]. Digital Gold Initiative - The World Gold Council is exploring a digital form of gold, named the "Gold Ownership Pool," which aims to revolutionize the physical gold market by allowing fractional ownership of physical gold. This initiative is set to pilot in London in the first quarter of next year [11][12].