Gold Price Hits New Record As Asian Stock Markets Gain

Gold prices climbed to a new record on Tuesday as investors sought safe havens amid global market uncertainty.

Naija News understands that the precious metal rose to $3,501.59 an ounce during early trading in Asia, surpassing its previous record of $3,500.10 set in April.

According to AFP, analysts say the rally is being driven by a weakened US dollar and growing expectations that the Federal Reserve may soon cut interest rates.

Meanwhile, Chinese ecommerce giant Alibaba extended Monday’s 20 per cent surge, fuelled by bumper results and strong AI revenue, with another half per cent gain on Tuesday.

The rally helped push the Hang Seng up by 2.2 per cent on Monday and another 0.1 per cent on Tuesday. Shanghai’s Composite Index also advanced, supported by encouraging Purchasing Managers’ Index data pointing to stronger industrial output.

“While US giants face mounting questions around AI monetisation and stretched valuations, Chinese firms are showing tangible earnings lift from AI and cloud,” said Charu Chanana of Saxo Markets.

In Japan, the Nikkei, which fell 1.2 per cent on Monday due to weakness in chip shares, clawed back 0.3 per cent on Tuesday.

South Korea’s markets also moved higher, with SK Hynix and Samsung Electronics rebounding after recent losses tied to concerns over their China operations.
US Dollar Mixed, Oil Gains

Naija News understands that Wall Street was closed Monday for the Labour Day holiday after slipping Friday on inflation concerns. The U.S. dollar traded mixed against its major rivals in early Tuesday dealings.

Brent crude rose 0.5 per cent to $68.46 per barrel, while West Texas Intermediate climbed 1.5 per cent to $64.96.

Key Figures (at 0300 GMT)

1. Tokyo – Nikkei 225: UP 0.3% at 42,292.88
2. Hong Kong – Hang Seng Index: UP 0.1% at 25,644.02
3. Shanghai – Composite: UP 0.8% at 3,839.97
4. New York – Dow: Closed Monday (Labour Day holiday)
5. Euro/dollar: DOWN to $1.1697 from $1.1705
6. Pound/dollar: DOWN to $1.3529 from $1.3547
7. Dollar/yen: UP to 147.58 from 147.27 yen
8. Euro/pound: UP at 86.46 pence from 86.57 pence
9. Brent North Sea Crude: UP 0.5% at $68.46 per barrel
10. WTI Crude: UP 1.5% at $64.96 per barrel