Gold rushes to new high as Asia stocks mixed

Gold reached $3,501.59 an ounce during early trading in Asia, soaring past its previous record of $3,500.10 in April Image: AFP/File

Gold hit a record high Tuesday as a weaker dollar and expectations of a U.S. interest rate cut made the safe haven an attractive investment. Stocks, meanwhile, were mixed as investors awaited fresh direction from Wall Street after it was closed on Monday for Labor Day.

Gold record high 2025 as a weaker dollar and expectations of a U.S. interest rate cut gold boost safe haven demand. Gold price surge Asia contrasts with mixed stocks, while investors monitor Wall Street, Chinese tech, and oil ahead of OPEC+ decisions.


Gold reached $3,501.59 an ounce during early trading in Asia, soaring past its previous record of $3,500.10 in April.

"The rally reflects a softer dollar but also strong central-bank and institutional demand as investors rotate out of U.S. Treasuries," said Ipek Ozkardeskaya at Swissquote Bank.

Read More : Gold’s hitting new records again. Here’s what it means for the economy
"The share of U.S. Treasuries held by foreign central banks has been declining for over a decade, but that shift into gold accelerated this year amid U.S. debt concerns, ratings downgrades, trade tensions and geopolitical risks," she said.

On equity markets, Tokyo, Seoul and Jakarta were all up, while Hong Kong and Shanghai turned negative after early gains.

On the Hang Seng, Alibaba was down slightly a day after rocketing almost 20 percent following bumper results and a surge in AI revenue.

"While U.S. giants face mounting questions around AI monetization and stretched valuations, Chinese firms are showing tangible earnings lift from AI and cloud," Charu Chanana at Saxo Markets told AFP.

.Oil prices moved higher ahead of a weekend OPEC+ meeting to decide on output for October. The cartel is expected to keep supplies unchanged.

Source: https://japantoday.com

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