Deutsche Bank cut its gold forecasts by as much as 22%, citing tighter Fed pricing and fading investment demand. Analyst Michael Hsueh now sees Q3 gold at $4,300/oz (down >20% from prior), Q4 at $4,800/oz (down 17%); current spot is about $4,110/oz. The move follows Goldman Sachs’ reduction of its year‑end target by $500 to $4,900/oz. Deutsche Bank says resilient US macro data and Fed repricing are the main downward drivers; its Q4 target assumes the Fed holds rates, but three to four rate hikes

U.S. Commodity Futures Trading Commission (CFTC): For the week to June 16, equity fund managers raised net long positions in CME S&P 500 futures by 3,319 contracts to 983,431 contracts. Equity fund speculators increased net short positions in CME S&P 500 futures by 64,644 contracts to 501,690 contracts.

The second draft amendment to China's Trademark Law was submitted for review at the 14th NPC Standing Committee's 23rd meeting on June 23. The draft escalates penalties for using registered trademarks in ways that mislead the public, citing cases where trademarks are disguised as product ingredients or production processes. Enforcement authorities may order rectification within a time limit. Where illegal business turnover is at least 50,000 yuan, fines may reach up to five times that turnover; where there is no illegal turnover or turnover is under 50,000 yuan, fines may be imposed up to 250,000 yuan. The draft also grants any organization or individual the right to file complaints or reports with trademark enforcement authorities over misleading use of registered trademarks.