Overview
- Both exchanges removed the additional 3% margin on gold and 7% on silver from February 19, with circulars asking members to adjust positions.
- The levies were introduced and then raised on February 5–6 to curb extreme volatility after January’s surge in bullion prices.
- Domestic benchmarks steadied higher, with MCX gold near ₹1.56 lakh per 10g and silver futures around ₹2.45 lakh per kg after recent lows.
- MCX shares gained about 3–4% in early trade following the rollback of the add‑on margins.
- ICICI Securities said earlier hikes pushed average margin needs to roughly 30% for gold and 72% for silver and coincided with sharp MoM drops in futures ADTV, while analysts flagged renewed speculative activity alongside safe‑haven interest tied to geopolitics and Fed signals.