Asia markets edge up as precious metals surge / Photo: Idrees MOHAMMED - AFP/File
Asia markets edge up as precious metals surge
Asian stocks edged higher on Friday amid holiday-thinned trade and with some exchanges closed for Boxing Day, while precious metals extended their year-long rally towards record highs.
Silver reached $75 an ounce for the first time and gold continued to hover around its own record price, with geopolitical risk elevated as US military and economic pressure on Venezuela persists.
Regional markets extended their upward rise after Wall Street saw US shares close at a high this week. Most markets across the world were shuttered Thursday for Christmas.
Tokyo, Shanghai, Seoul and Taipei all rose by closing time on Friday. Markets in Hong Kong, Australia and most of Europe were closed.
Analysts have projected a "Santa Claus rally" -- the phenomenon where prices tend to rise during the last five days of December and the first two days of the new year.
The movement came after traders in New York pushed the S&P 500 to an all-time high before the Christmas break in response to figures showing the world's top economy expanded 4.3 percent in the third quarter.
On Friday, silver pushed to a record $75 an ounce and gold remained above $4,500 an ounce, with US-Venezuela tensions adding to expectations that the Federal Reserve will keep cutting rates next year.
Geopolitical worries have grown as Washington pressures Caracas with a blockade of sanctioned oil vessels sailing to and from Venezuela.
The yen remained relatively steady Friday but saw a general rebound this week, after Japanese officials said they were prepared to step in to support the currency.
Japan's government on Friday approved a record 122 trillion yen ($782 billion) budget, in part boosting defence spending, as inflation in the country persists.
- Key figures at around 0700 GMT -
Tokyo - Nikkei 225: UP 0.7 percent at 50,750.39 (close)
Shanghai - Composite: UP 0.1 percent at 3,963.68 (close)
Dollar/yen: UP at 156.31 yen from 155.98 yen on Thursday
Euro/dollar: DOWN at $1.1775 from $1.1782
Pound/dollar: DOWN at $1.3485 from $1.3529
Euro/pound: UP at 87.31 pence from 87.21 pence
West Texas Intermediate: UP 0.3 percent at $58.53 per barrel
Brent North Sea Crude: UP 0.2 percent at $62.39 per barrel
New York - Dow: UP 0.6 percent at 48,731.16 (close)
London - FTSE 100: DOWN 0.2 percent at 9,870.68 (close)
M.Allan--RTC
