Core Viewpoint - The Shanghai Gold Exchange has announced measures to control market risks during the National Day holiday in 2025, including adjustments to margin levels and price fluctuation limits for gold and silver contracts [2] Group 1: Market Closure and Trading Schedule - The Shanghai Gold Exchange will be closed from October 1 to October 8, 2025, and will resume normal trading on October 9, 2025 [2] - There will be no night trading on September 30, 2025 [2] Group 2: Margin and Price Fluctuation Adjustments - Starting from the close on September 26, 2025, the margin level for various gold contracts (Au T+D, mAu T+D, Au T+N1, Au T+N2, NYAuTN06, NYAuTN12) will increase from 14% to 16%, and the price fluctuation limit will change from 13% to 15% [2] - For the silver contract (Ag T+D), the margin will rise from 17% to 19%, and the price fluctuation limit will be adjusted from 16% to 18% [2] - If a one-sided market occurs on September 26, the adjusted margin and fluctuation limits will be applied according to the higher standards as per the Shanghai Gold Exchange's risk control management regulations [2]

Core Viewpoint - The Shanghai Gold Exchange has announced adjustments to margin levels and price fluctuation limits for gold and silver contracts in preparation for the National Day holiday in 2025 [1] Group 1: Market Operations - The Shanghai Gold Exchange will be closed from October 1 to October 8, 2025, and will resume normal operations on October 9, 2025 [1] - There will be no night trading on September 30, 2025 [1] Group 2: Margin and Price Limits Adjustments - Starting from the close on September 26, 2025, the margin ratio for various gold contracts, including Au(T+D), mAu(T+D), Au(T+N1), Au(T+N2), NYAuTN06, and NYAuTN12, will increase from 14% to 16% [1] - The price fluctuation limit for these gold contracts will change from 13% to 15% starting the next trading day [1] - The margin ratio for the Ag(T+D) contract will rise from 17% to 19%, with the price fluctuation limit increasing from 16% to 18% on the following trading day [1]

Core Viewpoint - The Shanghai Gold Exchange issued a notification on August 8 to enhance market risk control due to various factors causing instability, urging members to improve risk awareness and maintain market stability [1] Group 1: Market Reactions - On August 8, during the Asian trading session, COMEX gold prices surged to a historical high of $3534.1 per ounce before experiencing a decline after news regarding U.S. tariffs on gold bars [1] - Following a White House official's statement on August 8, which indicated plans to clarify misinformation regarding tariffs on gold bars, COMEX gold prices fell, closing at $3458.2 per ounce, up 0.13% [1] Group 2: Tariff Implications - Reports indicated that the U.S. government imposed tariffs on 1-kilogram gold bars, a common trading form in the global gold futures market, which surprised market participants who expected exemptions [1] - Morgan Stanley's former precious metals trader noted that the imposition of tariffs on gold was unexpected, as gold typically circulates among central banks and reserves without such impacts [1] Group 3: Federal Reserve Developments - The recent nomination of Stephen Moore to the Federal Reserve Board by President Trump is seen as a significant development, potentially influencing trade policy during Trump's second term [1] - Morgan Stanley's research predicted a 25 basis point rate cut by the Federal Reserve in September, followed by three additional cuts, citing signs of weakness in the U.S. labor market and uncertainties surrounding the Fed's leadership [1] - The Federal Reserve maintained its target range for the federal funds rate at 4.25% to 4.50% during its last monetary policy meeting on July 30, with Christopher Waller being a leading candidate for the Fed chair position [1]

Core Viewpoint - The Shanghai Gold Exchange has issued a notice emphasizing the need for market risk control due to various factors affecting market stability, urging members to enhance risk awareness and maintain smooth market operations [1]. Group 1: Market Conditions - Recent international gold prices have shown strong performance, with COMEX gold futures reaching $3501.1 per ounce, up 1.37% on the day, and a peak of $3534.1 per ounce [4]. - The spot gold price (London gold) reported at $3395.739 per ounce, experiencing a slight decline of 0.03% during the day [4]. Group 2: Market Analysis - Market analyst Wang Xiang from Bosera Gold ETF noted that the gold market continued to fluctuate in the previous week, influenced by changes in Federal Reserve personnel and non-farm employment data, which boosted expectations for future monetary easing [4]. - Research from Lianhe Securities indicates that with the September interest rate cut approaching, adjustments in Federal Reserve monetary policy will become the main trading logic in the gold market, taking over from tariff issues [4].

Core Viewpoint - The Shanghai Gold Exchange has issued a notice to strengthen market risk control due to increased volatility in precious metal prices and complex international situations [1][2]. Group 1 - The notice emphasizes the need for members to enhance risk awareness and improve emergency response plans to maintain market stability [2]. - Investors are advised to manage their positions carefully and engage in rational investment practices to mitigate risks [2].