The Shanghai Gold Exchange implements differentiated regulation on gold and silver contracts, increasing the margin requirement for gold while lowering risk control indicators for silver.

On February 3, the Shanghai Gold Exchange (SGE) issued two notices adjusting the trading margin levels and price fluctuation limits for certain gold contracts and silver deferred contracts, further optimizing market risk management and maintaining stable trading operations.

Regarding gold contracts, in accordance with relevant risk management measures, the SGE plans to implement adjustments to margin requirements and trading bands for multiple contracts. Starting from the close of settlement on Wednesday, February 4, 2026, the margin ratio for contracts such as Au(T+D), mAu(T+D), Au(T+N1), Au(T+N2), NYAuTN06, and NYAuTN12 will be raised from 16% to 17%, and the daily price fluctuation limit will be expanded from 15% to 16% from the next trading day. The margin for the CAu99.99 contract will be adjusted per lot, increasing from 120,000 yuan per lot to 150,000 yuan per lot.

Regarding silver deferred contracts, the adjustments will take effect at the close of settlement on Tuesday, February 3, 2026. The margin level for the Ag(T+D) contract will be reduced from 26% to 23%, and the daily price fluctuation limit will be narrowed from 25% to 22% starting from the next trading day.

The SGE requires that all member units strengthen risk prevention awareness, improve risk contingency plans, and effectively carry out investor risk warnings, guiding them to reasonably control positions and adhere to rational investment, collectively ensuring the stable and healthy development of the precious metals market.