TOKYO, JAPAN – JULY 27: Pedestrians and shoppers walk through the Akihabara area on July 27, 2023 in Tokyo, Japan. Japan’s core consumer price index climbed by 3.3% in June, outpacing the US figure for the first time in eight years as the Bank of Japan holds its monetary policy meeting on July 27 and 28. (Photo by Tomohiro Ohsumi/Getty Images)
Tomohiro Ohsumi | Getty Images News | Getty Images
Asia-Pacific markets traded higher Friday, with several exchanges in the region closed for the Boxing Day holiday, while precious metals continued their rally for the year.
Spot gold rose over 1% to hit a record high of $4,530 per ounce 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 continued rising following Wednesday’s record, adding 4% on Friday to reach an all-time high of $75.1 per ounce.
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 0.47%, led by gains in tech stocks, while the Topix was up 0.27%. Among the top movers was tech giant SoftBank, which climbed 2.86%, snapping a three-session losing streak. Semiconductor testing equipment supplier Advantest advanced 2.65%, and chip equipment maker Lasertec added 1.57%.
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 0.53%, and the small-cap Kosdaq advanced 0.42%. Index heavyweight Samsung Electronics rose as much as 5%, recovering losses from the previous trading session.
China’s CSI 300 fell 0.15% at the open.
India’s Nifty 50 fell 0.12%, and the BSE Sensex declined 0.13%.
Australia and Hong Kong markets were closed for the holiday.
U.S. equity futures ticked slightly higher in early Asian 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.