Core Viewpoint - The recent volatility in gold prices has led to significant adjustments in gold repurchase policies by various gold retailers and banks in China, aimed at risk management and operational efficiency [1][2][3]. Group 1: Adjustments in Gold Repurchase Policies - China Gold announced the suspension of gold repurchase services on non-trading days starting February 7, 2026, to manage risks associated with price volatility [1][2]. - Beijing Caishikou Department Store has also updated its gold repurchase rules, halting services on weekends and holidays, and reducing the daily gold repurchase limit from 200 kilograms to 100 kilograms [2]. - The adjustments include limits on repurchase amounts for individual customers, requiring prior appointments, with the limits dynamically adjusted based on market conditions [2][3]. Group 2: Market Volatility and Risk Management - Analysts indicate that the cancellation of repurchase services by several gold retailers is a cautious response to the rapid price fluctuations and operational pressures faced by these businesses [3]. - The gold market has experienced significant price swings, with daily declines exceeding 10% to 30%, prompting the need for better risk control measures [3]. - The suspension of repurchase services on non-trading days is seen as beneficial for aligning with market pricing mechanisms and controlling risk exposure during periods of high volatility [3]. Group 3: Banking Sector Adjustments - Several banks have begun to limit services for "three no" clients (no holdings, no inventory, no debts) in response to the heightened market risks, with some banks announcing the closure of personal trading channels for gold [4][5]. - Since September 2025, at least 11 banks have issued announcements regarding adjustments to their gold trading services, including halting new transactions and buy orders [5][6]. - The banking sector's tightening of gold trading services reflects a broader trend of increasing risk management measures in response to market volatility [7].

现货白银价格强势拉升，交易所出手！ 2月3日，上期所连发多则公告提示风险。 COMEX白银期货同样拉升，暴涨超12%。 2月3日，上海黄金交易所同样发布公告称，为适配当前贵金属市场运行态势，对白银延期合约Ag（T+D）交易保证金水平及涨跌停板比例进行优化调 整。公告明确，自2月3日（星期二）收盘清算时起，Ag（T+D）合约保证金水平从26%下调至23%；下一交易日起，该合约涨跌幅度限制从25%调整为 22%。 据上期所公告，经研究决定，自2026年2月4日（星期三）收盘结算时起，涨跌停板幅度和交易保证金比例调整如下： 白银期货已上市合约的涨跌停板幅度调整为19%，套保持仓交易保证金比例调整为20%，一般持仓交易保证金比例调整为21%。 | 品种 | 合约 | 现行标准(% | 交易保证金 | | 调整后标准(% 涨跌停 | 交易保证金 | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 涨跌停板 套保持仓 | | 一般持 | 套保持 板 | | 一般持 | | | | | | 食 | 仓 | | 合 | | 白银 | 已上市合约 | 17 | ...

1月9日晚间，广期所发布公告，将铂、钯期货合约涨跌停板幅度统一调整为16%，交易保证金标准调整为 18%。 这是继前期多轮风险提示和交易规则调整之后，广期所再次对铂 、 钯期货"调保扩板"，释放出明确的风险管 理信号，旨在通过提高保证金水平、抑制过度投机，为市场"降温"。 交易所再度"调保扩板" 从盘面表现来看，铂 、 钯期货在风控趋严的背景下，日内仍呈现出较强波动。 1月9日早盘，铂 、 钯延续此前回调态势，铂金主力合约一度跌超2%，市场谨慎情绪较浓。但随着盘中抛压逐 步消化，期价企稳回升，午后多头再度发力，价格快速拉升。 截至当日收盘，铂金主力合约上涨1.11%，报599.8元/克，成交量4.86万手；钯金表现更为强势，收涨6.01%， 报499.05元/克，成交量为3.92万手。 在贵金属价格高位剧烈波动的背景下，交易所风控持续加码。 业内人士指出，在连续大涨之后，铂 、 钯价格本身已处于高位区间，短期内对政策、保证金变化以及资金流 向高度敏感，盘中波动明显放大。 1月9日晚间，广期所发布公告称，经研究决定，自2026年1月13日结算时起，铂、钯期货合约涨跌停板幅度调 整为16%，交易保证金标准调整为1 ...