Margins on gold and silver trade on NYME increase

Mumbai, May 4 (UNI) The New York Mercantile Exchange (NYME), today announced margin changes for its gold and silver futures contracts, effective as of the close of business tomorrow.

This upward revision was aimed at arresting the soaring prices of the previous metals.

According to a release, margins for May, June, August, October, and December 2006 gold futures contracts will increase to USD 2,750 from USD 2,250 for clearing and non-clearing members and to USD 3,713 from USD 3,038 for customers. All other months will remain unchanged, it said.

Similarly, margins for May, June, July, and September 2006 silver futures contracts will increase USD 6,000 from USD 4,500 for clearing and non-clearing members and to USD 8,100 from USD 6,075 for customers. All other months will remain unchanged.

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