Asia-Pacific markets were higher in trade on Friday, with several markets in the region closed due to the Boxing Day holiday, and precious metal trading indicated the continuation of the year-end rally.
Spot gold increased over 1 percent, reaching a record high of $4,530 per ounce on Friday. The metal was last trading at $4,508.65 per ounce as of 11.10 a.m. Singapore time (10.10 p.m. EST).
Silver prices also resumed their upward trend after Wednesday’s record, gaining 4 percent on Friday to an all-time high of $75.1 per ounce. Therefore, gold has gained over 71 percent this year, and silver has risen by 158 percent during the same time.
The metal prices have been skyrocketing this year, with uncertain investor sentiment on riskier investments, as the fears of the AI bubble and doubts about the U.S. Fed rate cuts continue to rise.
Japan’s benchmark Nikkei 225 index surged 0.47 percent, led by gains in tech stocks, while the Topix was up 0.27 percent. The greatest movers include tech giant SoftBank, which shot up 2.86 percent, ending a three-session losing streak.
However, the semiconductor testing equipment supplier Advantest gained 2.65 percent, and chip equipment maker Lasertec added 1.57 percent.
Government data released on Friday indicates that core consumer prices in Tokyo increased by 2.3 percent in December compared to the previous year.
The core CPI, which eliminates fresh food that is volatile around prices, was higher than the Bank of Japan’s target of 2 percent, further supporting the argument for the need to increase interest rates.
The most recent figure fell short of the 2.5 percent growth predicted by economists who were polled by Reuters and 2.8 percent in November. The inflation rates in Tokyo are popularly regarded as a leading indicator of the trends nationwide.
The Kospi index of South Korea gained 0.53 percent, and the small-cap index Kosdaq gained 0.42 percent. Samsung Electronics, which is an index heavyweight, advanced up to 5 percent and regained the losses incurred in the last trading session.
However, China’s CSI 300 dropped by 0.15 percent at the open. India’s Nifty 50 slipped 0.12 percent, and the BSE Sensex declined 0.13 percent. The Australian and Hong Kong markets remained closed on holiday.
U.S. equity futures were somewhat advancing in the initial Asian hours, with the S&P 500 closing at a new record for the second consecutive day in the United States on Wednesday.
The broad market index gained 0.32 percent, ending the session at 6,932.05. The Dow Jones Industrial Average gained 288.75 points, or 0.60 percent, and also posted a closing record of 48,731.16. The Nasdaq Composite advanced 0.22 percent and settled at 23,613.31.
