The Singapore Exchange has launched its first ETF tracking physically stored gold, the LionGlobal Physical Gold ETF, with a gold purity of at least 99.5%. Previously available over-the-counter, the ETF is now accessible to retail and institutional investors. This move aligns with Hong Kong's strategy, which includes a gold clearing agreement with the Shanghai Gold Exchange and plans for a large vault. Despite these developments, gold prices are under pressure. U.S. gold futures have dropped from over $5,400 per ounce on March 2 to as low as $4,100. Analysts attribute this decline to rising energy prices driven by Iran's control over the Strait of Hormuz, which has heightened inflation expectations and delayed monetary easing by central banks. The market focus has shifted from safe-haven demand to inflation, interest rates, and liquidity concerns, further impacting gold prices.