Core Viewpoint - The Shanghai Gold Exchange has announced adjustments to margin levels and price fluctuation limits for certain contracts, effective February 24, 2026, to enhance market stability and risk management [1][2]. Margin Adjustments - The margin ratio for contracts such as Au (T+D), mAu (T+D), Au (T+N1), Au (T+N2), NYAuTN06, and NYAuTN12 will be reduced from 21% to 18% [1][2]. - The margin ratio for the Ag (T+D) contract will decrease from 27% to 24% [1][2]. - The margin per hand for the CAu99.99 contract will be adjusted from 200,000 yuan to 180,000 yuan [1][2]. Price Fluctuation Limits - The price fluctuation limit for the aforementioned gold contracts will be adjusted from 20% to 17% starting the next trading day [1][2]. - The price fluctuation limit for the Ag (T+D) contract will be reduced from 26% to 23% [1][2]. Risk Management Advisory - The Shanghai Gold Exchange has advised its members to enhance risk awareness and develop detailed risk emergency plans [1][2]. - Investors are encouraged to manage their positions wisely and invest rationally to ensure the stable and healthy operation of the market [1][2].

Core Viewpoint - The Shanghai Gold Exchange has announced adjustments to the margin levels and price fluctuation limits for certain gold and silver contracts, effective February 4, 2026, and February 3, 2026, respectively [2][4][6]. Group 1: Gold Contract Adjustments - The margin ratio for contracts such as Au (T+D), mAu (T+D), Au (T+N1), Au (T+N2), NYAuTN06, and NYAuTN12 will increase from 16% to 17% [2][4]. - The price fluctuation limit for these gold contracts will change from 15% to 16% starting the next trading day [2][4]. - The margin for CAu99.99 contracts will rise from 120,000 yuan to 150,000 yuan per contract [2][4]. Group 2: Silver Contract Adjustments - The margin level for Ag (T+D) contracts will decrease from 26% to 23% [5][6]. - The price fluctuation limit for Ag (T+D) contracts will be adjusted from 25% to 22% starting the next trading day [5][6].

Core Viewpoint - The Shanghai Gold Exchange has announced adjustments to the margin levels and price fluctuation limits for gold and silver contracts, effective from February 4, 2026, and February 3, 2026, respectively [1][3][5]. Summary by Category Gold Contracts - The margin ratio for Au (T+D) and related contracts will increase from 16% to 17% starting from the close on February 4, 2026 [1][5]. - The price fluctuation limit for these contracts will be adjusted from 15% to 16% on the next trading day [1][5]. - The margin requirement for CAu99.99 contracts will change from 120,000 yuan to 150,000 yuan per contract [1][5]. Silver Contracts - The margin level for Ag (T+D) contracts will decrease from 26% to 23% effective from the close on February 3, 2026 [3][7]. - The price fluctuation limit for Ag (T+D) contracts will be reduced from 25% to 22% starting the next trading day [3][7]. Exchange Overview - The Shanghai Gold Exchange, established in October 2002 and approved by the State Council, specializes in trading precious metals and had 291 members as of the end of 2023 [5].

Group 1 - The Shanghai Gold Exchange has decided to adjust the margin level and price fluctuation limits for silver deferred contracts [1][2] - Effective from February 3, 2026, the margin level for Ag(T+D) contracts will be reduced from 26% to 23% [1][2] - The price fluctuation limit will be adjusted from 25% to 22% starting from the next trading day [1][2] Group 2 - Member units are advised to enhance risk awareness and develop detailed risk emergency plans [1][2] - Investors are encouraged to manage their positions rationally and invest wisely to ensure market stability [1][2]

Group 1 - The Shanghai Gold Exchange announced adjustments to margin levels and price limits for certain gold contracts, effective from February 4 [1] - The margin ratio for contracts such as Au (T+D), mAu (T+D), Au (T+N1), Au (T+N2), NYAuTN06, and NYAuTN12 has been increased from 16% to 17%, with the price fluctuation limit raised from 15% to 16% [1] - The margin for CAu99.99 contracts has been adjusted from 120,000 yuan per lot to 150,000 yuan per lot [1] Group 2 - The margin level for Ag (T+D) contracts has been decreased from 26% to 23%, with the price fluctuation limit reduced from 25% to 22% [3]

Group 1 - The Shanghai Gold Exchange has announced adjustments to the margin levels and price limits for certain gold contracts, effective from February 4, 2026 [2] - The margin ratio for contracts such as Au (T+D), mAu (T+D), Au (T+N1), Au (T+N2), NYAuTN06, and NYAuTN12 will increase from 16% to 17%, and the price fluctuation limit will change from 15% to 16% [2] - The margin for the CAu99.99 contract will be adjusted from 120,000 yuan per hand to 150,000 yuan per hand [2] Group 2 - The margin level for the Ag (T+D) silver contract will be reduced from 26% to 23%, effective from February 3, 2026 [4][5] - The price fluctuation limit for the Ag (T+D) contract will decrease from 25% to 22% starting the next trading day [4][5] - The Shanghai Gold Exchange emphasizes the importance of risk management and encourages members to enhance their risk prevention measures [5]

Summary of Key Points Core Viewpoint - The Shanghai Gold Exchange has decided to adjust the margin levels and price fluctuation limits for silver forward contracts due to significant price volatility, aiming to mitigate market risks [1]. Group 1: Margin and Price Limits Adjustments - If a one-sided market occurs for the Ag (T+D) contract on February 2, 2026, the margin level will increase from 20% to 26% [1]. - The price fluctuation limit for the Ag (T+D) contract will be adjusted from 19% to 25% starting the next trading day if a one-sided market is observed [1]. - If no one-sided market occurs, the margin level and price fluctuation limits will remain unchanged [1]. Group 2: Risk Management and Investor Guidance - Members are urged to enhance risk awareness and develop detailed risk emergency plans [1]. - Investors are advised to manage their positions prudently and invest rationally to ensure the stable and healthy operation of the market [1].

Core Viewpoint - The Shanghai Gold Exchange has announced adjustments to the margin levels and price fluctuation limits for silver deferred contracts, effective from January 30, 2026 [1] Group 1: Margin Level Adjustments - The margin level for Ag(T+D) contracts will increase from 19% to 20% [1] Group 2: Price Fluctuation Limits - The price fluctuation limit for the next trading day will change from 18% to 19% [1]