BANGKOK – On Friday, U.S. futures experienced a slight dip, and Asian markets presented a mixed performance, with Tokyo’s Nikkei 225 hovering near its all-time highs.
Investors are flocking to gold and silver, driving their prices to unprecedented levels this year. As central banks and other investors seek refuge in these precious metals amidst global uncertainties, their status as safe havens is further solidified.
Gold saw an increase of 0.8%, reaching 4,538.80 per troy ounce, while silver made a significant leap of 4.5%, pricing at $74.90 per ounce.
The earlier rise in gold prices was prompted by concerns over the U.S. government shutdown. Additionally, speculation about potential interest rate cuts by the U.S. Federal Reserve, which could weaken the dollar, has spurred further interest in gold.
“Gold is fulfilling its traditional role as a stabilizing force in turbulent times,” commented Stephen Innes from SPI Asset Management. “Throughout history, gold remains a steadfast asset. When political landscapes shift, currencies become unstable, or inflation surges, gold is the reliable collateral the world continues to trust.”
In the stock market, Tokyo’s Nikkei 225 rose by 0.8% to hit 50,822.25 following the Cabinet’s approval of a historic defense budget exceeding 9 trillion yen ($58 billion) for the upcoming fiscal year. Prime Minister Sanae Takaichi’s administration is set on enhancing Japan’s military capabilities, focusing on advanced cruise missiles and autonomous systems, in response to growing tensions with China.
Heavy industries and high-tech companies led the advance.
The dollar rose to 156.09 Japanese yen from 155.83 yen. The euro climbed to $1.1787 from $1.1785.
Markets in mainland China slipped, with the Shanghai Composite index shedding 0.2% to 3,952.09.
South Korea’s Kospi picked up 0.3% to 4,120.04, while Taiwan’s Taiex jumped 0.6%.
Shares fell in Thailand and India.
Elsewhere the region, markets in Hong Kong, Australia, New Zealand and Indonesia were closed. Most European markets will remain closed Friday, while Wall Street will reopen to a full day of trading after the Christmas holidays. Volumes will likely remain light since most investors have closed out their positions for the year.
In other dealings early Friday, U.S. crude oil gained 6 cents to $58.41 a barrel and Brent crude added 4 cents to $61.84 a barrel.
Oil prices have fallen recently after spiking near $70 a barrel in June.
The price of bitcoin rose 1.7% to 89,300.
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