Gold prices hit an all-time high of $3,501.59 an ounce during early Asian trading on Tuesday, surpassing the previous April peak of $3,500.10. The surge comes amid a weakened US dollar and growing expectations that the Federal Reserve could cut interest rates.
Chinese tech giant Alibaba jumped nearly 20 percent on Monday after reporting strong earnings and a surge in AI-related revenue, with its shares adding another 0.5 percent on Tuesday. The rally lifted the Hang Seng Index by 2.2 percent on Monday and a further 0.1 percent Tuesday, while Shanghai stocks also advanced, supported by gains in the Purchasing Managers’ Index (PMI).
“While US giants face mounting questions around AI monetization and valuations, Chinese firms are showing tangible earnings lift from AI and cloud,” said Charu Chanana of Saxo Markets.
Elsewhere in Asia, Japan’s Nikkei 225 fell 1.2 percent Monday as chipmakers came under pressure but rebounded 0.3 percent Tuesday. In South Korea, SK Hynix and Samsung Electronics recovered after recent losses linked to concerns over their chip plants in China.
On Wall Street, trading was closed Monday for Labor Day. Markets had retreated Friday from record highs after stronger-than-expected US inflation data reduced the Fed’s room for maneuver and raised questions about its independence.
Meanwhile, crude oil extended gains, with Brent up 0.5 percent at $68.46 per barrel and WTI up 1.5 percent at $64.96 per barrel.
Key figures at around 0300 GMT:
- Tokyo – Nikkei 225: UP 0.3% at 42,292.88
- Hong Kong – Hang Seng Index: UP 0.1% at 25,644.02
- Shanghai – Composite: UP 0.8% at 3,839.97
- New York – Dow Jones: Closed Monday for public holiday
- Euro/dollar: DOWN to $1.1697 from $1.1705
- Pound/dollar: DOWN to $1.3529 from $1.3547
- Dollar/yen: UP to ¥147.58 from ¥147.27
- Euro/pound: UP to 86.46 pence from 86.57 pence
