Asia Markets Mostly Higher in Christmas Eve Trade; Gold Crosses $4,500 for First Time

Asia-Pacific markets traded mostly higher on Christmas Eve, with several regional exchanges operating shortened sessions ahead of the holiday, while gold prices surged to a historic milestone above $4,500 per ounce.

In Japan, the Nikkei 225 edged up 0.14 percent, while the broader Topix hovered around the flatline. Japanese government bond yields moved higher after public broadcaster NHK reported plans for the government to issue approximately ¥29.6 trillion ($190 billion) in new bonds to fund its fiscal 2026 budget.

Yields on Japan’s 30-year government bonds climbed more than two basis points to a record 3.454 percent, while 20-year bond yields rose modestly to 2.992 percent.

Shares of Sapporo Holdings gained nearly one percent after reports that the company plans to sell its real estate unit to a consortium led by KKR and PAG in a deal valued at more than ¥400 billion.

South Korea’s Kospi advanced 0.2 percent, while the smaller Kosdaq slipped by the same margin. The South Korean won strengthened over one percent against the U.S. dollar after reports that the country’s national pension fund had undertaken strategic foreign-exchange hedging.

Shares of EnChem jumped more than 10 percent following local media reports that the battery materials firm secured a major supply agreement with Contemporary Amperex Technology Co, valued at roughly ₩1.5 trillion.

In Greater China, Hong Kong’s Hang Seng Index rose 0.1 percent, while mainland China’s CSI 300 finished flat. Australia’s S&P/ASX 200 fell 0.33 percent, ending a four-day winning streak. Both Hong Kong and Australian markets were set to close early.

Meanwhile, spot gold prices surged past $4,500 per ounce for the first time on record, driven by a weaker U.S. dollar, ongoing geopolitical tensions, and expectations of future rate cuts by the Federal Reserve. Gold has risen more than 70 percent so far this year. Platinum also touched a fresh all-time high above $2,300 per ounce.

“Gold has blown past $4,500, while silver and platinum continue to attract demand as hedges against dollar debasement,” said Vishnu Varathan, head of Asia ex-Japan macro research at Mizuho Securities.

The U.S. dollar index has fallen nearly 10 percent since the start of the year, according to LSEG data. U.S. equity futures were little changed in early Asian trading after Wall Street extended gains overnight, led by continued strength in technology and artificial-intelligence related stocks.