Asian Stocks Rise in Thin Holiday Trade as Precious Metals Hit Records

HONG KONG, Dec 26 – Asian shares advanced modestly on Friday in light trading volume, with several exchanges closed for Boxing Day. Tokyo, Shanghai, Seoul, and Taipei posted gains, while Hong Kong, Australia, and most European markets remained shut.

The uptick followed Wall Street’s pre-Christmas surge, where the S&P 500 reached a record high after US third-quarter GDP growth was revised to 4.3%.

Asian Stocks Rise

Precious metals extended their rally, with silver hitting a historic US$75 per ounce for the first time and gold holding near US$4,500, fuelled by elevated geopolitical risks from ongoing US pressure on Venezuela, including blockades on sanctioned oil vessels.

Analysts anticipate a potential “Santa Claus rally” into year-end. Meanwhile, Japan’s government approved a record ¥122 trillion budget, emphasising defence amid persistent inflation.

Business News