Shanghai gold most-active contract falls over 2% to 941.2 yuan/gram.

The SEC has stepped up scrutiny of special-purpose vehicles (SPVs) used to hold private-company stakes, asking registered investment advisers to provide evidence that their SPVs actually own the claimed shares, the Wall Street Journal reports. Officials moved after an uptick in SPV marketing and investor complaints ahead of high-profile potential listings including SpaceX and Anthropic, people familiar with the matter said. Examinations typically include document requests and, in some cases, on-site interviews; reviews can run from several weeks to as long as a year.

The Wall Street Journal reports US Army Secretary Dan Driscoll has submitted his resignation to President Trump and is expected to depart the Pentagon within days. He had clashed with Defense Secretary Pete Hegseth over the Army’s direction and the firing of several senior officers. Driscoll’s departure would leave the Army without any Senate-confirmed civilian or military leaders; since Hegseth dismissed former Army chief of staff Gen. Randy George, Gen. Christopher LaNeff has served as acting chief of staff.