上金所出手！

Core Viewpoint - The recent surge in prices of precious metals like gold and silver has led to increased market volatility, prompting the Shanghai Gold Exchange to adjust margin levels and price fluctuation limits for trading contracts [1][4]. Summary by Sections Market Adjustments - On September 3, the Shanghai Gold Exchange announced changes to the margin levels and price fluctuation limits for various gold and silver contracts, effective from September 5, 2025. The margin for gold contracts (Au T+D, mAu T+D, Au T+N1, Au T+N2, NYAuTN06, NYAuTN12) will increase from 13% to 14%, and the price fluctuation limit will rise from 12% to 13%. For silver contracts (Ag T+D), the margin will increase from 16% to 17%, and the fluctuation limit will change from 15% to 16% [1]. Market Performance - Precious metal prices have seen significant increases this year, with London spot gold reaching a record high of $3,550 per ounce, marking a 35% increase year-to-date. London spot silver has risen by 42% during the same period [4][5]. Investment Sentiment - Analysts indicate that a "perfect storm" is brewing in global markets due to various geopolitical and economic factors, leading to heightened risk aversion among investors. Precious metals are becoming a core investment choice for risk-averse capital. Technical indicators suggest that if gold surpasses the $3,600 mark, it could target the $3,800 range, while silver is expected to follow suit [5]. Stock Market Impact - The rise in gold prices has positively influenced related stocks, with 13 companies in the A-share and Hong Kong stock markets seeing their stock prices increase by over 100% this year. Notable performers include Lingbao Gold (up 473.11%) and Tongguan Gold (up 359.31%) [6][7].