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On July 27, 2023, the bustling streets of Tokyo’s Akihabara district saw a steady flow of pedestrians and shoppers. This scene unfolded as Japan’s core consumer price index surged by 3.3% in June, surpassing the U.S. for the first time in eight years. This economic development coincided with the Bank of Japan’s monetary policy meeting, scheduled for July 27 and 28. (Photo by Tomohiro Ohsumi/Getty Images)
Markets across the Asia-Pacific region saw gains on Friday, despite some exchanges being closed for the Boxing Day holiday. Precious metals, particularly, continued their impressive upward trend this year.
Spot gold prices climbed by as much as 1%, reaching an unprecedented high of $4,530 per ounce on Friday. By 3:45 p.m. Singapore time (2:45 a.m. EST), gold was trading at $4,508 per ounce.
Silver also maintained its upward momentum, building on Wednesday’s record gains. The metal rose over 3% on Friday, achieving a historic high of $75.1 per ounce.
This year, gold has experienced a remarkable increase of over 71%, while silver has soared by 158%. The surge in metal prices has been fueled by investor wariness towards riskier assets amid concerns of an emerging AI bubble and uncertainties surrounding potential U.S. Federal Reserve rate cuts.
Gold has rallied over 71% so far this year, while silver is up 158% in the same period. Metal prices have soared this year amid shaky investor sentiment on riskier assets, as fears of an AI bubble and uncertainty over U.S. Fed rate cuts mount.
Japan’s benchmark Nikkei 225 index rose 0.68% to close at 50,750.39, led by gains in tech stocks, while the Topix was up 0.15% to 3,423.06. Tech giant SoftBank was among the top movers, climbing 1.8% to snap a three-session losing streak. Semiconductor testing equipment supplier Advantest advanced 2.27%, and chip equipment maker Lasertec added 2.18%.
Core consumer prices in Tokyo rose 2.3% in December from a year earlier, according to government data Friday. The core CPI, which strips out volatile fresh food costs, remained above the Bank of Japan’s 2% target, reinforcing the case for more interest rate hikes.
The latest reading was below the 2.5% rise expected by economists polled by Reuters and the 2.8% increase in November. Tokyo’s inflation numbers are widely considered to be a leading indicator of nationwide trends.
South Korea’s Kospi index added 0.51% to close at 4,129.68, and the small-cap Kosdaq advanced 0.49% to 919.67. Index heavyweight Samsung Electronics rose more than 5%, recovering losses from the previous trading session.
China’s CSI 300 rose 0.32% to 4,657.24.
India’s Nifty 50 fell 0.41%, and the BSE Sensex declined 0.45%.
Australia and Hong Kong markets were closed for the holiday.
U.S. equity futures ticked slightly higher at the end of Asian trading hours, after the S&P 500 closed at a new record for the second straight day on Wednesday stateside.
The broad market index advanced 0.32%, ending the session at 6,932.05. The Dow Jones Industrial Average gained 288.75 points, or 0.60%, and also posted a closing record of 48,731.16. The Nasdaq Composite advanced 0.22% and settled at 23,613.31.
— CNBC’s Sean Conlon and Pia Singh contributed to this report.
