Asian markets slip, gold soars to record high

January 29, 2026 (MLN): Asia markets mostly traded lower on Thursday as investors digested the U.S. Federal Reserve’s decision to keep interest rates unchanged and a sharp surge in gold prices to a fresh all-time high.

In Australia, the S&P/ASX 200 declined 0.69%, while Japan’s Nikkei 225 erased early gains to close 0.14% lower.

The broader Topix index slipped 0.33%. South Korea’s Kospi ended flat, although the tech-heavy Kosdaq outperformed with a 1.87% gain.

Shares of Samsung Electronics were volatile after the company reported a more than threefold jump in fourth-quarter profits, driven by a global memory chip shortage and strong demand for artificial intelligence servers.

The stock initially rose 2.58% at the open before reversing to trade around 1% lower.

In Greater China, Hong Kong’s Hang Seng Index edged 0.23% higher amid choppy trading, while mainland China’s CSI 300 fell 0.31%.

Attention remained firmly on Indonesia, where market turmoil deepened following a sharp selloff earlier in the week.

The Jakarta Composite Index plunged more than 8% on Wednesday, prompting trading halts after it extended losses on Thursday, according to the exchange, as reported by CNBC.

The Indonesian rupiah weakened slightly to 16,778 per U.S. dollar.

Meanwhile, Singapore’s central bank left its monetary policy unchanged but cautioned about upside risks to inflation and demand, supported by the city-state’s resilient economic outlook. The Straits Times Index rose 0.19%.

Beyond equities, gold prices surged to a new record, with spot bullion climbing more than 3% to break above $5,500 per ounce for the first time.

The rally followed the U.S. Federal Reserve’s decision overnight to hold its benchmark interest rate steady in the 3.5%–3.75% range, boosting the appeal of non-yielding assets.

Over in the United States, markets were mixed after the Fed signaled confidence in economic momentum.

The S&P 500 briefly crossed the 7,000 mark for the first time, reaching an intraday high of 7,002.28, before retreating to close marginally lower at 6,978.03.

The Dow Jones Industrial Average edged up 0.02% to 49,015.60, while the Nasdaq Composite gained 0.17% to end at 23,857.45.

U.S. Treasury yields moved higher following the policy declaration, as the central bank noted that economic activity has been expanding at a solid pace and that labor market conditions are showing signs of stabilization.

Federal Reserve Chair Jerome Powell reinforced the message during his press conference, stating that recent economic data suggests monetary policy may no longer be significantly restrictive.

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