Gold

China’s Guangzhou Futures Exchange (GFEX) on Thursday set new limits on platinum and palladium trading that will take effect on December 29, according to a notice today.
The change applies to platinum contracts PT2606, PT2608, PT2610, PT2612 and palladium contracts PD2606, PD2608, PD2610, PD2612, according to the exchange.
Platinum prices hit an all-time high last week at $2,377.50 before pulling back, then later traded 2.4% lower at $2,220.44. Palladium fell even harder, dropping more than 9% to $1,683.58 after touching its highest level in three years earlier in the session. Both metals remain sharply higher on the year. Platinum is up about 145%, while palladium has gained more than 85%.
Chinese spot and futures markets for precious metals have also traded at persistent premiums compared with London and COMEX prices, which have held even as global prices rallied.
<h3 id="silver-surge-and-fund-losses-are-the-basis-of-china-s-current-market-stress">Silver surge and fund losses are the basis of China’s current market stress</h3>
The GFEX <a rel="noopener noreferrer nofollow" target="_blank">decision</a> landed as silver trading in China turned chaotic. Shanghai silver prices hit a record $80 per ounce, pushing year-to-date gains above 150%. Traders have pointed to a shortage of physical silver inside China. Globally, spot silver hovered near $72 per ounce, extending a rally that has lifted prices more than 120% in 2025. On Wednesday, spot silver reached $72.70, putting it on track for its best annual performance since 1979.
Gold <a href="https://www.cryptopolitan.com/gold-makes-3rd-all-time-bitcoin-87000/" rel="noopener noreferrer nofollow">has surged by 60% year-to-date</a>.
China’s only pure-play silver fund, the UBS SDIC Silver Futures Fund LOF, dropped by its maximum daily limit of 10% on Thursday. The fall ended a rapid rally that had triggered repeated warnings from the fund manager.
The fund had risen nearly 220% this year, far outpacing the roughly 128% gain in Shanghai silver futures. By Wednesday, the premium over the fund’s underlying silver contracts stood at nearly 62%, up from 7% at the start of the month.
After three straight days of hitting its 10% daily upside limit, the firm cut Class C subscription limits to 100 yuan from 500 yuan, effective December 26.
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GFEX will cap daily platinum and palladium openings at 300 lots for non-futures firms starting December 29

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