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Days after raising Silver futures trade margin, China’s Shanghai Gold Exchange (SGE) announced yet another hike in margin requirements for gold and silver futures from September 30 ahead of long holidays.
In a statement, SGE said margins for its gold forward contract will be increased to 20 percent from the current 15 percent, while the daily upward and downward trade limit would be raised to 18 percent from 12 percent, the exchange said.
For silver, trade margins were raised to 22 percent from the current 18 percent, with the daily move limits raised to 20 percent from 15 percent.
The margin requirements for Gold and Silver contracts will return to normal, on Oct. 10 if 11, provided trading on Oct. 10 doesn't hit the expanded upper or lower limits.
The daily limit for price movements for gold and silver will be narrowed to 9 percent and 12 percent, respectively, on Oct. 11, it said.
The exchange requested traders to prepare well in advance to improve the collection ratio during the holiday season and to ensure smooth operation of the market.