CME Group has raised initial and maintenance margin requirements for its key precious metals contracts, tightening trading conditions for both gold and silver futures amid elevated market volatility.
According to the latest margin update, initial margin for COMEX 5000 silver futures has been increased to 18% from 15% for non–high-risk profile (non-HRP) accounts. Maintenance margin for these accounts has also been raised to 18% from 15%.
For high-risk profile (HRP) accounts, the changes are sharper. Initial margin has been lifted to 19.8% from 16.5%, while maintenance margin has moved up to 18% from 15%. These revised margin requirements apply across Month 1, Month 2, and Month 3 silver contracts, effectively increasing collateral needs across the near-term curve.
CME Group has also tightened requirements for gold futures. Initial margin on COMEX 100 gold futures is set to rise to 9% from 8%, adding to the cost of carrying positions in the yellow metal.
The latest move follows a broader margin hike announced on January 31, when CME said it was raising margins on COMEX gold and silver futures after sharp price swings in the precious metals market. At the time, the exchange stated that the changes were part of a “normal review of market volatility to ensure adequate collateral coverage.”
Margin increases typically require traders to post more collateral to open or maintain positions, which can reduce leverage and limit participation by smaller or more leveraged market players. While such measures are designed to manage systemic risk during periods of heightened volatility, they often lead to position trimming or reduced trading activity, particularly in highly volatile contracts like silver.
With the latest hike, market participants trading COMEX silver and gold futures will need to allocate additional capital to sustain existing positions or initiate new trades under the revised margin framework, potentially influencing near-term liquidity and price behaviour in precious metals markets.
