The Shanghai Gold Exchange closes for the Mid-Autumn Festival from 25 to 27 September and for National Day from 1 to 7 October, with no night session on 24 or 30 September, under its notice of 23 September 2026 on market risk control over the Mid-Autumn and National Day holidays. Margin on Au(T+D) and five other gold deferred contracts rises at the closing clearing on 28 September, and their daily limits widen from the next trading day; the Mid-Autumn closure carries no change.
| Contracts | Margin from 28 September close | Daily limit from 29 September |
|---|---|---|
| Au(T+D), mAu(T+D), Au(T+N1), Au(T+N2), NYAuTN06, NYAuTN12 | 15% → 18% | 14% → 17% |
| Ag(T+D) | 21% → 24% | 20% → 23% |
The earlier levels return from the closing clearing of the first trading day from 8 October that does not end as a one-sided market at the limit, and a one-sided close on 28 September brings in whichever is higher, these levels or those set under the exchange’s Risk Control Management Measures. The Shanghai Futures Exchange fixed its own holiday arrangements in a notice of 21 September: from the closing settlement on 29 September its gold futures carry a 16% limit and margin of 17% on hedging positions and 18% on other positions, and trading resumes with a call auction from 08:55 on 8 October.
The notice binds deferred contracts only. The exchange’s full-payment spot contracts, Au99.99, Au99.95, Au100g and the 12.5 kg Au99.5, carry no margin: under the Au99.5 specification a buyer’s quote freezes the full purchase amount, a seller’s requires bars in available stock, and title passes on execution, with delivery T+0 at an exchange-designated vault. With no session between the close on 30 September and 8 October, no bar changes owner through these contracts in that span.
Au(T+D) ends in metal through delivery filing. Holders file between 15:00 and 15:30 on a trading day, matched filings settle at that day’s clearing, and the deliverable is a 3 kg bar of at least 99.95% fineness, with 1 kg bars of 99.99% accepted as substitutes. A position not filed on 30 September carries 18% margin through the closure, and the contract’s deferral fee of 0.0175% of contract value accrues by calendar day, with closed days settled in the direction fixed on the last trading day before them. The Au(T+D) specification sets the daily limit at the margin rate less one percentage point, so the first session on 8 October runs inside a 17% band.
The Shanghai Gold Benchmark Price, set in auctions at 10:15 and 14:15 on each trading day, is not set on 25 September or from 1 to 7 October.