Asia-Pacific markets saw muted gains in thin holiday trading on Friday, with several major exchanges closed for Boxing Day. The session was highlighted by a continued surge in precious metals, with gold and silver extending their historic rallies to fresh all-time highs.

Spot gold rose over 1% to touch a record $4,530 per ounce before easing slightly, while silver jumped 4% to an unprecedented $75.1 per ounce. For the year, gold has rallied over 71% and silver has soared 158%, driven by shaky sentiment toward riskier assets, fears of an AI bubble, and uncertainty over the Federal Reserve’s rate path.

Regional Movers: Japan and South Korea Lead Gains

• Japan’s Nikkei 225 rose 0.47%, led by tech stocks. SoftBank snapped a three-session losing streak with a 2.86% gain, while chip-related names Advantest and Lasertec advanced 2.65% and 1.57%, respectively.

• Tokyo’s core CPI rose 2.3% in December from a year earlier, staying above the Bank of Japan’s 2% target but cooling from November’s 2.8% increase. The data reinforced expectations of further policy tightening.

• South Korea’s Kospi added 0.53%, with Samsung Electronics rebounding as much as 5% after recent losses.

• China’s CSI 300 dipped 0.15%, while India’s Nifty 50 and Sensex edged down about 0.12%.

• Markets in Australia and Hong Kong were closed for the holiday.

U.S. Futures Tick Higher After Record Session

U.S. equity futures edged up in early Asian hours, following another record close stateside. On Wednesday, the S&P 500 advanced 0.32% to a new high of 6,932.05, while the Dow Jones Industrial Average gained 0.60% to 48,731.16. The Nasdaq Composite rose 0.22% to 23,613.31.

The precious metals rally underscores a broader risk-off tilt among investors, even as equity markets in the U.S. and parts of Asia continue to grind higher. With trading volumes subdued and several key markets offline, the moves in gold and silver served as the day’s most compelling story, reflecting ongoing concerns about economic uncertainty and monetary policy divergence across major economies.