Gold Surges to $4781 as Exchanges Adjust Margins and Limits

On the morning of January 21, spot gold surged sharply, reaching a record $4781.24 per ounce. As of 7:58 a.m., it remained above $4775, up about 0.3% intraday. Heightened geopolitical tensions drove strong risk-aversion sentiment, pushing gold and silver to new highs following a sharp sell-off in US stocks, bonds, and currencies on January 20.

Meanwhile, Chinese exchanges have issued a series of adjustments:

Shanghai Futures Exchange (SHFE)

Effective from the close of January 22, 2026:

• Copper & Aluminum futures: price limit ±8%, margin for hedging positions 9%, general positions 10%;
• Gold futures AU2602/2603/2604: limit ±16%, hedging margin 17%, general margin 18%;
• Gold futures AU2606/2608/2610/2612/2702: limit ±15%, hedging margin 16%, general margin 17%;
• Silver futures AG2602/2603/2604: limit ±17%, hedging margin 18%, general margin 19%;
• Silver futures AG2605—AG2701: limit ±15%, hedging margin 16%, general margin 17%.

Shanghai International Energy Exchange (INE)

Effective from January 22:

• International copper futures: limit ±8%, hedging margin 9%, general margin 10%.

Additionally, the Guangzhou Futures Exchange announced that lithium carbonate futures will have a price limit of 11%, speculative margin 13%, and hedging margin 12%, effective from January 21. On January 20, several lithium contracts hit their daily limit, attributed to domestic supply disruptions raising market concerns over tighter supply.