Asia-Pacific markets experienced an upward trend on Friday, with numerous exchanges in the area closed for the Boxing Day holiday, while precious metals maintained their upward trajectory for the year.
Spot gold increased by up to 1% to achieve a historical peak of $4,530 per ounce on Friday. The metal was recently trading at $4,508 per ounce as of 3.45 p.m. Singapore time (2.45 a.m. EST).
Silver prices also continued to climb following Wednesday’s record, gaining over 3% on Friday to achieve an unprecedented high of $75.1 per ounce.
Gold has surged by over 71% this year, while silver has risen by 158% during the same timeframe. Metal values have skyrocketed this year in response to fragile investor sentiment regarding riskier assets, as concerns about an AI bubble and uncertainty over U.S. Federal Reserve rate reductions grow.
Japan’s key Nikkei 225 index increased by 0.68% to close at 50,750.39, driven by gains in technology stocks, while the Topix climbed 0.15% to 3,423.06. Tech leader SoftBank was among the leading gainers, rising 1.8% to end a three-session losing streak. Semiconductor testing equipment manufacturer Advantest rose 2.27%, and chip equipment producer Lasertec gained 2.18%.
Core consumer prices in Tokyo increased by 2.3% in December year-on-year, based on government data released on Friday. The core CPI, which excludes volatile fresh food prices, remained above the Bank of Japan’s 2% target, strengthening the argument for further interest rate increases.
The latest figure was below the 2.5% rise anticipated by economists surveyed by Reuters and the 2.8% spike in November. Tokyo’s inflation metrics are widely viewed as a precursor to national trends.
South Korea’s Kospi index rose 0.51% to close at 4,129.68, and the small-cap Kosdaq increased 0.49% to 919.67. Major player Samsung Electronics jumped by over 5%, recouping losses from the prior trading session.
China’s CSI 300 grew by 0.32% to 4,657.24.
India’s Nifty 50 declined by 0.41%, and the BSE Sensex fell 0.45%.
Markets in Australia and Hong Kong were closed for the holiday.
U.S. equity futures ticked slightly upwards at the conclusion of Asian trading hours, after the S&P 500 closed at a new record for the second consecutive day on Wednesday in the U.S.
The broad market index increased by 0.32%, finishing the session at 6,932.05. The Dow Jones Industrial Average gained 288.75 points, or 0.60%, and also achieved a record close of 48,731.16. The Nasdaq Composite increased by 0.22% and settled at 23,613.31.
— CNBC’s Sean Conlon and Pia Singh contributed to this report.
