Asia Markets Edge Higher in Holiday-Thinned Trade as Gold and Silver Set New Records

Several regional exchanges remained closed for the Boxing Day holiday, contributing to subdued trading activity across the region. Despite lighter participation, equities in Japan and South Korea advanced, while precious metals continued a powerful rally that has defined markets this year.

In Japan, the benchmark Nikkei 225 rose 0.47%, supported by gains in technology stocks, while the broader Topix index added 0.27%. Shares of SoftBank Group climbed 2.86%, snapping a three-session losing streak. Semiconductor-related stocks also moved higher, with Advantest gaining 2.65% and Lasertec rising 1.57%.

Fresh inflation data from Tokyo showed core consumer prices increased 2.3% in December from a year earlier, remaining above the Bank of Japan’s 2% target. While the reading came in below economist expectations and November’s 2.8% increase, it continues to reinforce the case for a gradual normalization of monetary policy. Tokyo’s inflation figures are widely viewed as a leading indicator for nationwide price trends.

South Korean markets also posted gains, with the Kospi rising 0.53% and the small-cap Kosdaq advancing 0.42%. Samsung Electronics jumped as much as 5%, recovering losses from the previous session and lifting broader market sentiment.

Elsewhere in Asia, China’s CSI 300 slipped 0.15% at the open, while Indian equities traded modestly lower. The Nifty 50 declined 0.12%, and the BSE Sensex fell 0.13% in early trade. Markets in Australia and Hong Kong remained closed for the Boxing Day holiday.

Meanwhile, precious metals extended their exceptional run. Spot gold climbed more than 1% to hit a record high of $4,530 per ounce before easing slightly. Silver also surged, rising 4% to reach an all-time high of $75.10 per ounce. Gold is now up more than 70% for the year, while silver has gained over 150%, supported by cautious investor sentiment, concerns over stretched equity valuations, and uncertainty surrounding the timing of U.S. Federal Reserve interest rate cuts.

U.S. equity futures edged higher during early Asian hours after Wall Street closed at record levels in the previous session. The S&P 500 advanced 0.32% to a new closing high, while the Dow Jones Industrial Average and the Nasdaq Composite also ended at record levels, extending a strong year-end rally.