GOLD NEWS

Shanghai Gold Exchange to hike gold margin requirement to 9% as prices hit record high

Fri April 12 2024

The Shanghai Gold Exchange will raise margin requirements for some gold futures contracts to 9% from 8%, the bourse said on Friday.

The change will apply from settlement on April 15, according to the bourse, which added that it will also lift daily trading limits for some gold futures contracts to 8% from 7% from the next trading session.

This came after gold prices climbed to historical highs as geopolitical tensions continued to boost demand for the safe-haven metal. The most-traded June gold futures contract on the Shanghai Futures Exchange rose by 2.17% to 567.6 yuan a gram, as of 0252 GMT, an increase of 17% since the beginning of the year.

Meanwhile, spot gold hit a record high of $2,389.29 per ounce earlier in the session.

Source: http://in.reuters.com