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Markets

Shanghai Gold Exchange raises margin as gold prices hit 6-yr high

BEIJING:* The Shanghai Gold Exchange said it will raise the margin requirement on its AU(T+N2) gold contract to 9% from

05 Aug, 2019

BEIJING:* The Shanghai Gold Exchange said it will raise the margin requirement on its AU(T+N2) gold contract to 9% from 6% on Tuesday

* The trading limit on the contract will also be raised to 8% from 5%, the bourse said in a brief statement, citing a significant rise in gold prices as the reason for the move

* Spot gold prices jumped to $1,459.47 per ounce on Monday, the highest since 2013, as escalating trade tensions between the United States and China along with global growth worries drove investors to safe-haven assets

Copyright Reuters, 2019