CME raises gold and silver futures margins again amid continued volatility

CME Group has raised initial margin requirements for two flagship precious metals contracts — COMEX 100 gold futures and COMEX 5000 silver futures — increasing the amount of collateral traders must post to open and maintain positions.

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 has also been raised to 18% from 15%.

For high-risk profile (HRP) accounts, initial margin has been lifted to 19.8% from 16.5%, while maintenance margin has moved up to 18% from 15%. The changes apply to Month 1, Month 2 and Month 3 silver contracts.

Separately, CME has also tightened requirements for gold. Initial margin on COMEX 100 gold futures is set to rise to 9% from 8%.

The latest adjustment comes after CME Group had already announced a broader margin hike for precious metals on January 31. At that time, the exchange said it was raising margins on COMEX gold and silver futures following sharp price swings in the market.

CME had said the January 31 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 hold or initiate positions, which can affect participation by smaller market players with limited capital, even as exchanges use such measures to manage risk during periods of heightened volatility.

Market participants trading COMEX silver futures will now need to allocate additional capital to maintain existing positions or enter new trades under the latest margin framework.