Gold surged to an all-time high on Tuesday as investors turned to safe-haven assets amid ongoing global market uncertainty.
During early Asian trading, the precious metal climbed to $3,501.59 per ounce, edging past its previous record of $3,500.10 set in April.
According to AFP, the rally is being supported by a weaker U.S. dollar and rising expectations that the Federal Reserve may soon move to cut interest rates.
Asian Stock Markets Edge Higher
Chinese e-commerce giant Alibaba extended Monday’s 20% surge — driven by strong earnings and robust AI revenues — with another 0.5% gain on Tuesday. The momentum pushed Hong Kong’s Hang Seng Index up 2.2% on Monday and an additional 0.1% on Tuesday.
Meanwhile, the Shanghai Composite Index also advanced, buoyed by encouraging Purchasing Managers’ Index data pointing to stronger industrial output.
“While U.S. giants face questions over AI monetisation and stretched valuations, Chinese firms are already showing tangible earnings growth from AI and cloud,” noted Charu Chanana of Saxo Markets.
In Japan, the Nikkei 225, which slid 1.2% on Monday due to weakness in chip stocks, recovered 0.3% on Tuesday. South Korean markets also rebounded, with SK Hynix and Samsung Electronics bouncing back from recent losses tied to concerns over their China operations.
U.S. Dollar Mixed, Oil Prices Rise
With Wall Street closed Monday for the Labour Day holiday, the U.S. dollar traded mixed in early Tuesday sessions.
Oil prices strengthened, with Brent crude rising 0.5% to $68.46 per barrel and West Texas Intermediate (WTI) climbing 1.5% to $64.96 per barrel.
Key Market Figures (as of 03:00 GMT)
- Tokyo – Nikkei 225: +0.3% at 42,292.88
- Hong Kong – Hang Seng: +0.1% at 25,644.02
- Shanghai – Composite: +0.8% at 3,839.97
- New York – Dow Jones: Closed Monday (Labour Day)
- Euro/Dollar: $1.1697 (down from $1.1705)
- Pound/Dollar: $1.3529 (down from $1.3547)
- Dollar/Yen: 147.58 (up from 147.27)
- Euro/Pound: 86.46 pence (up from 86.57 pence)
- Brent Crude: +0.5% at $68.46
- WTI Crude: +1.5% at $64.96
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