NASDAQ 100 EXTENDS DROP TO 2%

The Monetary Authority of Singapore plans to expand gold-storage capacity to attract foreign central banks and sovereign entities, as part of efforts to strengthen Singapore’s position as a regional bullion hub and compete with Hong Kong. The initiative includes providing vaulting services, developing gold-linked capital market products, and building a clearing system for over-the-counter gold settlement in collaboration with industry participants. Institutions such as the World Gold Council estimate central banks now hold about 18% of all gold ever mined, underscoring the scale of potential demand for custody services. Singapore has also formed a working group involving major financial institutions, as it seeks to challenge established hubs like London and Hong Kong in gold trading and storage. Officials say the market is large enough for multiple centers to coexist, with central banks increasingly viewing gold as a safe-haven asset in an uncertain global environment.

China’s most futures contracts were mixed at the open, with styrene, benzene and butadiene rubber rising more than 3% and fuel oil up over 2%. Silver fell more than 5%, polysilicon dropped over 4%, while platinum, palladium and gold declined nearly 3%.