Group 1 - The Chicago Mercantile Exchange announced an increase in margin requirements for Comex gold, silver, platinum, and palladium futures contracts [1] - For gold futures, the margin requirement for non-high-risk accounts will rise from 6% to 8%, and for high-risk accounts from 6.6% to 8.8% [1] - Silver futures will see the non-high-risk margin increase from 11% to 15%, and high-risk margin from 12.1% to 16.5% [1] Group 2 - The margin requirement adjustments for platinum and palladium futures contracts will also be increased [1] - This adjustment will take effect after the market closes on February 2 [1] - The exchange stated that the changes are a result of a routine review of market volatility to ensure adequate collateral coverage [1] Group 3 - Earlier in the week, the exchange had already raised margin requirements for silver, platinum, and palladium futures due to rising prices [1] - In the domestic market, the Shanghai Futures Exchange announced adjustments to the price limits and margin requirements for several silver futures contracts effective from February 3, 2026 [1] - The price limit will change from 16% to 17%, and the margin for hedging positions will increase from 17% to 18%, while the general position margin will rise from 18% to 19% [1]

Core Viewpoint - The global precious metals market has experienced significant volatility, prompting both the Chicago Mercantile Exchange (CME) and the Shanghai Futures Exchange (SHFE) to implement new regulations aimed at strengthening market risk management [1] Group 1: CME Margin Adjustments - On January 31, CME announced an increase in margin requirements for gold and silver futures following substantial price declines, with non-high-risk margin for gold rising from 6% to 8% and high-risk margin from 6.6% to 8.8% [2] - For silver futures, the non-high-risk margin increased from 11% to 15%, and high-risk margin from 12.1% to 16.5% [2] - The margin increase is part of a "routine review" to ensure adequate collateral coverage and maintain market stability, potentially impacting smaller investors who may struggle to meet the new requirements [2] Group 2: SHFE Adjustments - On January 30, SHFE announced adjustments to trading rules for silver futures, effective February 3, 2026, increasing the price fluctuation limit from 16% to 17% and raising the margin requirements for both maintaining and general positions [3] - The maintenance margin for specific contracts increased from 17% to 18%, while the general margin rose from 18% to 19% [3] Group 3: Industry Analysis - Industry experts suggest that SHFE's adjustments are a response to heightened volatility in the silver market, aimed at increasing trading costs and limiting price fluctuations to prevent excessive speculation and protect investor interests [5] - The recent fluctuations in the global precious metals market are influenced by multiple factors, and the timely implementation of risk control measures by exchanges is expected to stabilize market expectations and promote healthy market development [5]