All Members，
In accordance with the National Day holiday schedule, the Shanghai Gold Exchange (SGE) will be closed from 1 October 2025 (Wednesday) to 8 October 2025 (Wednesday) and will resume normal trading on 9 October 2025 (Thursday). No night session will be held on the evening of 30 September 2025 (Tuesday).
In case of volatile international gold and silver prices during the holiday, SGE will adjust the margin ratios and price limits of gold and silver deferred contracts according to the Measures for the Administration of Risk Control of the Shanghai Gold Exchange. Detailed adjustments are as below: 
Starting from the closing settlement on 26 September 2025 (Friday) , margin ratios for Au(T+D), mAu(T+D), Au(T+N1), Au(T+N2), NYAuTN06 and NYAuTN12 will be adjusted from 14% to 16%; the price limits will be adjusted from 13% to 15% starting from the next trading day; Margin ratio for Ag(T+D) will be raised from 17% to 19%; the price limit will be adjusted from 16% to 18% starting from the next trading day.
If a limit-locked market occur on 26 September 2025, any higher margin or price-limit levels prescribed by Measures for the Administration of Risk Control of Shanghai Gold Exchange shall apply.
The subsequent adjustment arrangements for margin ratios and price limits will be announced separately after the holiday.
All members shall raise risk prevention awareness, make detailed risk contingency plans, remind investors to be prudent in risk prevention, reasonably control positions, be rational during trading and ensure the stable and healthy operation of the market.