CME Group announced that it will raise margin requirements for precious metals futures for the second time within a week after the market close on Wednesday. Previously, precious metals experienced a period of intense volatility. The group stated in a release that margins for gold, silver, platinum, and palladium contracts will be increased. The statement said that the decision was made based on an assessment of "market volatility to ensure adequate collateral coverage." This week, precious metals experienced dramatic fluctuations as the year concluded with historic turbulence. Silver was particularly volatile, with futures prices soaring to a record high above $82 per ounce earlier Monday, followed by a significant pullback. The margin increase means traders will need to provide more collateral when trading precious metals futures to ensure obligations can be met. The first round of margin hikes took effect on Monday.