Asia markets edge higher amid holiday-thinned trade

Asia-Pacific markets traded higher Friday, with several exchanges in the region closed for the Boxing Day holiday, while precious metals continued their rally for the year.

Spot gold rose as much as 1% to hit a record high of $4,530 per ounce Friday. The metal was last trading at $4,508 per ounce as of 3.45 p.m. Singapore time (2.45 a.m. EST).

Silver prices also continued rising following Wednesday’s record, adding more than 3% on Friday to reach an all-time high of $75.1 per ounce.

Gold has rallied over 71% so far this year, while silver is up 158% in the same period. Metal prices have soared this year amid shaky investor sentiment on riskier assets, as fears of an AI bubble and uncertainty over U.S. Fed rate cuts mount.

Japan’s benchmark Nikkei 225 index rose 0.68% to close at 50,750.39, led by gains in tech stocks, while the Topix was up 0.15% to 3,423.06. Tech giant SoftBank was among the top movers, climbing 1.8% to snap a three-session losing streak. Semiconductor testing equipment supplier Advantest advanced 2.27%, and chip equipment maker Lasertec added 2.18%.

Core consumer prices in Tokyo rose 2.3% in December from a year earlier, according to government data Friday. The core CPI, which strips out volatile fresh food costs, remained above the Bank of Japan’s 2% target, reinforcing the case for more interest rate hikes.

The latest reading was below the 2.5% rise expected by economists polled by Reuters and the 2.8% increase in November. Tokyo’s inflation numbers are widely considered to be a leading indicator of nationwide trends.

South Korea’s Kospi index added 0.51% to close at 4,129.68, and the small-cap Kosdaq advanced 0.49% to 919.67. Index heavyweight Samsung Electronics rose more than 5%, recovering losses from the previous trading session.

China’s CSI 300 rose 0.32% to 4,657.24.

India’s Nifty 50 fell 0.41%, and the BSE Sensex declined 0.45%.

Australia and Hong Kong markets were closed for the holiday.