Gold and silver prices surged to record levels, extending their strong gains for the year as investors, including central banks, increased holdings of the precious metals, seen as safe havens amid uncertainty, News.Az reports, citing AP.
Gold rose 0.8% to $4,538.80 per troy ounce, while silver climbed 4.5% to $74.90 per ounce.
The recent surge in gold prices reflects concerns during the U.S. government shutdown. Additionally, expectations of further interest rate cuts by the U.S. Federal Reserve in the new year, which could weaken the dollar, have fueled demand for gold.
In share trading, Tokyo's Nikkei 225 advanced 0.8% to 50,822.25 after the Cabinet approved a record defense budget plan exceeding 9 trillion yen ($58 billion) for the coming fiscal year. Prime Minister Sanae Takaichi's government aims to fortify Japan's strike-back capability and coastal defenses with cruise missiles and unmanned arsenals at a time of aggravated tensions with China.
Heavy industries and high-tech companies led the advance.
The dollar rose to 156.09 Japanese yen from 155.83 yen. The euro climbed to $1.1787 from $1.1785.
Markets in mainland China slipped, with the Shanghai Composite index shedding 0.2% to 3,952.09.
South Korea's Kospi picked up 0.3% to 4,120.04, while Taiwan's Taiex jumped 0.6%.
Shares fell in Thailand and India.
Elsewhere the region, markets in Hong Kong, Australia, New Zealand and Indonesia were closed. Most European markets will remain closed Friday, while Wall Street will reopen to a full day of trading after the Christmas holidays. Volumes will likely remain light since most investors have closed out their positions for the year.
In other dealings early Friday, U.S. crude oil gained 6 cents to $58.41 a barrel and Brent crude added 4 cents to $61.84 a barrel.
Oil prices have fallen recently after spiking near $70 a barrel in June.
The price of bitcoin rose 1.7% to 89,300.
