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View all search resultsGold glitters to new high as Asia stocks mixed
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An employee handles gold jewelry for customers at Hua Seng Heng gold traders in Chinatown in Bangkok on April 9, 2025. (AFP/Lillian Suwanrumpha)
G
old climbed to a new record Tuesday as investors sought out safe havens, while Japan's Nikkei and the Hang Seng pushed higher waiting for Wall Street's return after the Labor Day holiday.
The precious metal reached US$3,501.59 an ounce during early trading in Asia, soaring past its previous record of $3,500.10 in April.
The run in gold prices comes as investors weigh up a weakened US dollar and the prospect of rate cuts by the Federal Reserve.
On Monday Chinese ecommerce giant Alibaba soared almost 20 percent on bumper results and a surge in AI revenue, and its shares added another half percent on Tuesday.
This boosted the Hang Seng by 2.2 percent on Monday and the index was up 0.1 percent on Tuesday while Shanghai also moved higher.
Chinese equities won support also from the Purchasing Managers' Index -- a key measure of industrial output -- gaining on Monday.
"While US giants face mounting questions around AI monetization and stretched valuations, Chinese firms are showing tangible earnings lift from AI and cloud," Charu Chanana at Saxo Markets told AFP.
The Nikkei lost 1.2 percent on Monday as chip shares came under pressure but the index recovered some ground percent on Tuesday.
Seoul moved higher with SK Hynix and Samsung Electronics recovering from losses on the back of worries about their chip plants in China.
Wall Street was shut Monday for Labor Day, while the dollar traded mixed against main rivals.
Wall Street retreated from record highs Friday as a key US inflation reading accelerated, giving the Fed less room to maneuver at the same time concerns mount over its independence.
