黄金、白银，提示风险！

Core Viewpoint - The Shanghai Futures Exchange (SHFE) has announced adjustments to the margin ratios and price fluctuation limits for gold and silver futures contracts, effective from October 21, 2025, in response to increased market volatility and international uncertainties [3][5][6]. Group 1: Margin and Price Fluctuation Adjustments - The price fluctuation limit for both gold and silver futures contracts has been adjusted to 14% [5][6]. - The margin ratio for hedged positions has been set to 15%, while the margin ratio for general positions has been set to 16% [5][6]. Group 2: Market Volatility and Risk Warnings - Several banks, including Industrial and Commercial Bank of China and China Construction Bank, have issued warnings regarding the volatility of precious metal prices, advising investors to be cautious and consider their financial situations before investing [8][12]. - The current international political and economic risks have heightened the potential for significant fluctuations in gold prices [12]. Group 3: Gold Price Trends - As of October 17, the spot gold price fluctuated significantly, reaching $4,333.91 per ounce [15]. - The main gold futures contract on the SHFE has reached a historical high, surpassing the 1,000-point mark [17]. - Domestic gold jewelry prices have also increased, with the price of pure gold jewelry reaching 1,270 yuan per gram [18]. Group 4: Future Price Predictions - According to a report from招商证券, several factors are expected to drive gold prices higher in the future, including central banks' continued purchases of gold, a shift in gold ETFs from net sellers to net buyers, and the dual influence of monetary and financial attributes on gold prices [20].