Asian stocks climb as metals hit new highs
Asian stocks saw gains as precious metals like silver and gold surged to record levels. Several major markets, including Hong Kong and Australia, were closed for holidays, but exchanges in Tokyo, Shanghai, Seoul, and Taipei ended higher. Analysts pointed to ongoing geopolitical tensions and recent economic data as factors behind the movement. The Japanese government also approved a record budget, partly to address inflation.
What we know
- Silver reached $75 an ounce for the first time, while gold stayed above $4,500 an ounce.
- Tokyo, Shanghai, Seoul, and Taipei markets all closed higher, while Hong Kong, Australia, and most of Europe were closed.
- The S&P 500 in New York hit an all-time high before the Christmas break, driven by US economic growth of 4.3 percent in the third quarter.
- Japan’s government approved a record 122 trillion yen ($782 billion) budget to help boost defence spending amid persistent inflation.
- The yen remained steady but rebounded during the week after Japanese officials signaled readiness to support the currency.
