Asia markets mixed while gold hits new record

December 24, 2025 (MLN): Asia markets showed a mixed performance on Wednesday, with several exchanges operating shortened sessions ahead of the Christmas Eve holiday. 

Investor activity remained subdued, while movements in commodities and currencies drew attention, according to CNBC. 

In Japan, the Nikkei 225 edged up 0.14%, while the broader Topix hovered near unchanged levels. 

Local media reported that Japan plans to issue roughly 29.6 trillion yen in new government bonds to finance its fiscal 2026 budget. 

Meanwhile, Japanese bond yields climbed, with the 30 year government bond yield rising more than 2 basis points to a record 3.454%, and the 20 year yield inching higher to 2.992%. 

Shares of Sapporo Holdings gained nearly 1% after reports indicated the company is set to sell its real estate unit to a consortium led by KKR and PAG in a deal valued at over 400bn yen.

South Korean stocks delivered a mixed showing, with the Kospi advancing 0.2% while the tech-heavy Kosdaq slipped 0.2%. 

The South Korean won strengthened more than 1% against the U.S. dollar, following reports that the country’s national pension fund was conducting strategic foreign exchange hedging. 

EnChem shares surged more than 10% after local media reported the battery materials firm secured a major supply agreement with China’s CATL worth around 1.5tr won.

Greater China markets were largely flat, with Hong Kong’s Hang Seng index adding 0.1% and mainland China’s CSI 300 closing unchanged. 

In contrast, Australia’s S&P/ASX 200 fell 0.33%, ending a four-session winning streak. Both Hong Kong and Australian markets were expected to close early.

In commodities, precious metals continued their strong rally. 

Spot gold prices climbed to a fresh record, surpassing $4,500 per ounce for the first time, supported by a weaker U.S. dollar, geopolitical uncertainty, and expectations of interest rate cuts by the Federal Reserve. 

Gold has gained more than 70% so far this year. Platinum also touched an all-time high, rising above $2,300 per ounce, as investors increasingly turned to metals as hedges against dollar weakness.

The U.S. dollar index has fallen nearly 10% since the beginning of the year, adding further support to commodities. U.S. equity futures were little changed during early Asian trading, following another positive session on Wall Street.

Overnight, U.S. stocks advanced for a fourth consecutive session in holiday-thinned trading. 

The S&P 500 rose 0.46% to close at a record 6,909.79, while the Nasdaq Composite gained 0.57%, driven by strength in major technology names. 

The Dow Jones Industrial Average also finished higher, adding 0.16% to settle at 48,442.41.

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