Silver prices opened lower in the outer trading today, COMEX silver futures fell by more than 3 per cent at one point, and spot silver (XAG) fell more than 2 per cent at one point. Silver futures prices, which were frantically pushed up to an eight-year high yesterday, fell back after the Zhi Shang Institute Group announced that it would increase the margin for Comex contracts by about 18%.
The company announced that the margin for each contract would be raised from $14000 to $16500 from February 2, adding that the decision was based on "a normal understanding of market volatility to ensure that contracts are adequately protected."
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