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June 15th - Singapores Deputy Prime Minister announced that the Singapore Exchange (SGX) will establish an over-the-counter (OTC) gold clearing system and is exploring physically deliverable gold futures contracts. The Monetary Authority of Singapore (MAS) will remove the 5% cap on physical precious metal investments under the Funds Tax Incentive Scheme, and will launch a central bank vault custody service by October. JPMorgan Chase, DBS Bank, and other banks have already signed on as gold clearing members, and interbank gold trading is expected to rebound from 2027 onwards.As of 09:30 Beijing time, WTI crude oil futures fell 5.04%, and US natural gas futures fell 2.12%.Japanese Foreign Minister Toshimitsu Motegi: We will maintain close coordination with the international community.Japanese Foreign Minister Toshimitsu Motegi: We will do our utmost to achieve stability in the Middle East.Gold prices rose in early Asian trading on June 15th following the provisional peace agreement reached between the US and Iran. This agreement could help normalize oil supplies and ease market concerns about energy-driven inflation. Since the outbreak of the Middle East conflict in late February, gold prices have fallen by more than 20% due to high energy prices and supply chain disruptions leading to expectations of higher interest rates, dragging down the performance of this non-interest-bearing metal. Furthermore, safe-haven inflows have pushed up the US dollar, further increasing pressure. Analysts at ANZ Bank stated that the war reinforced structural reasons for investors to increase their gold allocations, including geopolitical divisions and waning confidence in bonds as a reliable portfolio diversification tool.

NASDAQ, S&P 500, Dow Jones Analysis – Stocks Retreat Amid Profit-Taking

Alice Wang

Jan 31, 2023 16:49

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S&P 500

S&P 500 retreats as traders take some profits off the table ahead of the Fed meeting.


Today, traders focused on Dallas Fed Manufacturing Index report, which exceeded analyst expectations but did not provide any support to stocks.


Today’s pullback is broad, and all market segments are moving lower. Consumer Defensive and Utilities stocks outperform as traders search for safe-haven assets.

The sell-off is led by tech stocks. These stocks showed strong performance in recent trading sessions so it’s not surprising to see that traders want to take some money off the table ahead of the Fed decision, which will be released on Wednesday.


From the technical point of view, S&P 500 failed to settle above the important resistance level at 4100. Most likely, S&P 500 will not be able to get above the key resistance ahead of the Fed decision.

NASDAQ

NASDAQ is under strong pressure today as tech stocks retreat. NVIDIA, which had a great start of the year, is down by 4.5% in today’s trading session.


Other big tech stocks like Microsoft and Meta are also losing ground as traders take profits after the recent moves.

Dow Jones

Dow Jones is also moving lower today. The pullback is led by Johnson & Johnson


 stock, which is down by more than 3% as the court ruled that the company could not use the bankruptcy of its unit to resolve talc lawsuits.


Meanwhile, Chevron is down by 2.4% as traders continue to take profits near all-time highs and react to the pullback in the oil markets.

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