Core Viewpoint - The Shanghai Gold Exchange (SGE) has adjusted the margin ratios and price fluctuation limits for certain gold and silver contracts in response to recent volatility in international gold and silver prices [1][2]. Group 1: Margin Adjustments - As of February 24, 2026, the margin ratio for several gold contracts, including Au (T+D), mAu (T+D), Au (T+N1), Au (T+N2), NYAuTN06, and NYAuTN12, has been reduced from 21% to 18%, with the price fluctuation limit changing from 20% to 17% [2]. - The margin ratio for the Ag (T+D) contract has been decreased from 27% to 24%, and the fluctuation limit has been adjusted from 26% to 23% [2]. - The margin for CAu99.99 contracts has been lowered from 200,000 yuan to 180,000 yuan per contract [2]. Group 2: Recent Historical Context - Prior to the adjustments on February 24, the SGE had increased the margin ratios and fluctuation limits on February 9, 2026, in preparation for market risk control during the Spring Festival [5]. - The adjustments made on February 24 effectively revert the margin ratios and fluctuation limits to levels before the February 9 changes [7]. - The SGE has been actively adjusting these parameters in response to significant fluctuations in gold and silver prices, with multiple notifications issued in late January and early February 2026 [7]. Group 3: Market Reaction - Following the adjustments, domestic gold and silver prices experienced an increase on the first trading day after the Spring Festival [8]. - On February 24, the Au99.99 contract closed at 1,147.66 yuan per gram, marking a 3.49% increase, with a cumulative rise of over 17% since 2026 [9]. - The main futures contract for gold on the Shanghai Futures Exchange rose by 3.52% to close at 1,150.50 yuan per gram, while the main silver futures contract surged by 12.84% to 22,327 yuan per kilogram, reflecting a cumulative increase of over 23% since 2026 [9].

Group 1 - The Shanghai Gold Exchange announced adjustments to the margin levels and price fluctuation limits for certain contracts effective from February 24 [1] - The margin ratio for Au (T+D), mAu (T+D), Au (T+N1), Au (T+N2), NYAuTN06, and NYAuTN12 contracts has been reduced from 21% to 18%, with the price fluctuation limit changing from 20% to 17% [1] - The margin ratio for Ag (T+D) contracts has been adjusted from 27% to 24%, and the price fluctuation limit will change from 26% to 23% starting the next trading day [1] Group 2 - The margin for CAu99.99 contracts has been adjusted from 200,000 yuan per lot to 180,000 yuan per lot [1] - The Shanghai Gold Exchange has advised investors to manage risks effectively, control positions reasonably, and invest rationally [1]

黄金价格剧烈震荡，让金店都吃不消。 中国黄金自2026年2月7日起，调整贵金属回购业务安排，周六、周日及法定节假日等上海黄金交易所非 交易日将暂停办理贵金属回购业务。北京菜市口百货股份有限公司也通过官方微信公众号同步推出类似 安排。与此同时，为了避免风险，多家银行对"三无"（无持仓、无库存、无欠款）客户主动进行了清 退。 隋东预计，后续将有更多金店跟进调整回购业务，整体以收紧规范、强化风控为主，不会全面取消。在 金价高波动逐步成为常态的背景下，行业整体面临风控与运营成本上升压力，同类风控举措有望进一步 普及。 "今年黄金和白银价格波动加大，甚至出现单日跌幅超过10%～30%的情况，大大超出市场预期，非交 易日暂停办理回购业务，理论上来说有两个好处：一是匹配市场价格机制，黄金价格以交易所实时报价 为基准。非交易日无法获取公允市价，暂停回购可有效避免定价争议、规避经营被动；二是控制风险敞 口，在价格剧烈波动阶段，若在缺乏市价参考的情况下收购实物黄金，回收方可能因次日市场价格跳空 产生显著价差损失，面临较大亏损风险。"一位黄金资深从业人员对记者表示。 多家银行限制"三无"客户投资 农历马年春节将至，国内将迎来9天长 ...

Core Viewpoint - The Shanghai Futures Exchange and Shanghai Gold Exchange have announced adjustments to margin ratios and price limits for various futures contracts, as well as work arrangements for the 2026 Spring Festival period to mitigate market risks during this time [1][7][14]. Group 1: Margin Ratio and Price Limit Adjustments - The margin ratios and price limits for newly listed futures contracts such as copper, aluminum, lead, and zinc have been adjusted, with price limits set at 10% and margin ratios at 11% for hedged positions and 12% for general positions [4]. - For contracts like nickel and tin, the price limit is set at 12% with margin ratios of 13% for hedged positions and 14% for general positions [4]. - Gold contracts have a price limit of 17% and margin ratios of 18% for hedged positions and 19% for general positions, while silver contracts have a price limit of 20% and margin ratios of 21% for hedged positions and 22% for general positions [4]. - Other contracts, including rebar and hot-rolled coils, have a price limit of 7% and margin ratios of 8% for hedged positions and 9% for general positions [4]. Group 2: Spring Festival Work Arrangements - The Shanghai Futures Exchange will not conduct night trading on February 13, 2026, and will be closed from February 14 to February 23, 2026, resuming trading on February 24, 2026 [8][14]. - On February 24, 2026, all futures and options contracts will undergo a collective auction from 08:55 to 09:00, followed by the resumption of night trading [9]. Group 3: Risk Control Measures - The Shanghai Gold Exchange has implemented measures to adjust margin ratios and price limits for gold and silver contracts to prevent price fluctuations during the Spring Festival [16]. - Starting from the close on February 11, 2026, the margin ratio for gold contracts will increase from 18% to 21%, and the price limit will rise from 17% to 20% [16]. - For silver contracts, the margin ratio will increase from 24% to 27%, with the price limit changing from 23% to 26% [16].

Core Viewpoint - The Shanghai Gold Exchange has announced adjustments to margin requirements and price fluctuation limits for gold and silver contracts in response to potential market volatility during the 2026 Spring Festival holiday [1][2]. Group 1: Margin Adjustments - 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 18% to 21% starting from the close on February 11, 2026 [1]. - The fluctuation limit for these gold contracts will change from 17% to 20% from the next trading day [1]. - The margin for the Ag (T+D) contract will rise from 24% to 27%, with the fluctuation limit adjusted from 23% to 26% [1]. Group 2: Contract Specifics - The margin for CAu99.99 contracts will be adjusted from 150,000 yuan per contract to 200,000 yuan per contract [1]. - If a one-sided market occurs on February 11, the higher margin and fluctuation limits will be enforced as per the Shanghai Gold Exchange's risk control management regulations [1]. Group 3: Risk Management - The exchange will provide further notifications regarding subsequent adjustments to margin ratios and fluctuation limits after the Spring Festival [2]. - Member units are urged to enhance risk awareness, develop detailed emergency response plans, and advise investors to manage risks and control positions rationally to ensure market stability [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 [1][3]. 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% [1]. - The price fluctuation limit for these gold contracts will change from 15% to 16% starting the next trading day [1]. - The margin for CAu99.99 contract will rise from 120,000 yuan to 150,000 yuan per contract [1]. Group 2: Silver Contract Adjustments - The margin level for the Ag (T+D) contract will decrease from 26% to 23% [3]. - The price fluctuation limit for the Ag (T+D) contract will be reduced from 25% to 22% starting the next trading day [3].

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].

| COMEX黄金 | | こ | | | --- | --- | --- | --- | | GC00Y 延 ▼ | | | | | ム90.0 5 今井 4691.0 最高 4916.0 最低 4690.2 | | | | | 5.52% 256.9 总手 58564 持仓29.35万 日增 -5655 | | | | | 結算 -- 昨结 4652.6 覧 そ | | | | | 分时 五日 周Ｋ 月K 申名▼ | | | | | 均价:4833.9 最新:4909.5 256.9 5.52% | | | | | 4916.0 5.66% 卖1 4909.9 | | | | | 示 4909.1 | | | | | 分时成交 | | | | | 02:21 4907.24 | | | | | 02:21 4907.2 | | | | | 02:21 4907.61 | | | | | 4652.6 02:21 4907.81 | | | | | 02:21 4907.64 | | | | | 02:21 4908.21 | | | | | 02:21 4908.31 | | | | | 02:21 49 ...

Group 1 - The Shanghai Gold Exchange announced adjustments to the margin levels and price limits for certain gold contracts, effective February 4, 2026, increasing the margin ratio for Au (T+D) contracts from 16% to 17% and raising the price limit from 15% to 16% [2][4] - For the CAu99.99 contract, the margin per contract will increase from 120,000 yuan to 150,000 yuan [4] - The exchange emphasized the importance of risk management and urged members to enhance their risk prevention measures and ensure market stability [4] Group 2 - The margin level for Ag (T+D) contracts will be reduced from 26% to 23%, with the price limit decreasing from 25% to 22%, effective February 3, 2026 [8] - The exchange reiterated the need for members to maintain awareness of risk and to implement detailed emergency plans to safeguard against market volatility [8]

2月3日，上海黄金交易所发布通知，调整黄金部分合约保证金水平和涨跌停板，调整白银延期合约交易 保证金水平和涨跌停板比例。 根据通知，自2月4日（星期三）收盘清算时起，Au（T+D）、mAu（T+D）、Au（T+N1）、Au （T+N2）、NYAuTN06、NYAuTN12等合约的保证金比例从16%调整为17%，下一交易日起涨跌幅度限 制从15%调整为16%；CAu99.99合约保证金每手120,000元调整至每手150,000元。 2月3日（星期二）自收盘清算时起，Ag(T+D)合约的保证金水平从26%调整为23%，下一交易日起涨跌 幅度限制从25%调整为22%。 编辑丨瑜见 ...