Effective May 1, 2026, new Gold positions opened during designated pre-close windows are capped at 200:1. Silver remains subject to its normal maximum of 100:1 and is not increased to 200:1.
How Does the Policy Apply to Gold and Silver?
Gold and Silver have different normal maximum leverage. The 200:1 pre-close cap is a ceiling for Gold; it does not override or increase Silver’s lower product maximum.
Instrument | Normal maximum | Pre-close treatment | Maximum during the window |
Gold (XAU) | Up to 500:1; it may be lower under applicable account rules | Capped at 200:1 | The lower of the applicable account leverage and 200:1 |
Silver (XAG) | Up to 100:1 | No increase or further reduction under this 200:1 cap | The lower of the applicable account leverage and 100:1 |
The 200:1 figure is a ceiling, not a guaranteed leverage setting. It never increases a lower product or account limit.
When Do the Pre-Close Windows Apply?
Trading day | Pre-close window | New Gold positions | New Silver positions |
Monday to Thursday | Final 60 minutes before the daily market close | Maximum 200:1 | Maximum 100:1 (unchanged) |
Friday | Final 120 minutes before the weekly market close | Maximum 200:1 | Maximum 100:1 (unchanged) |
How Is Effective Leverage Determined?
For a new position opened during a designated window, the system applies the lowest applicable limit under the product, account and pre-close rules.
Examples:
Gold with higher account leverage: If the account leverage is 500:1 and a new Gold position is opened during the restricted window, the position is capped at 200:1.
Gold with lower account leverage: If the account leverage is 100:1 and a new Gold position is opened during the restricted window, the position remains at 100:1.
Silver: Even if the account leverage is higher than 200:1, Silver remains subject to its product maximum of 100:1. The pre-close policy does not increase Silver to 200:1.
Which Positions Are Affected?
Applicable positions: Only new positions opened within the designated windows are covered by this pre-close policy.
Existing positions: Positions opened before a restricted window begins are not affected, and their margin requirements remain unchanged.
Effective date: This policy has been effective since May 1, 2026.
Related Information
For normal product leverage and account-equity reductions, see Understanding Dynamic Leverage Limits.