Gold prices soared more than 3 per cent to a record above $5,500 per ounce on Thursday. This marked a fresh peak after the U.S. Federal Reserve held its benchmark rate steady at 3.5 to 3.75 per cent overnight.
Asia-Pacific markets traded unevenly. Australia’s S&P/ASX 200 fell 0.69 per cent, Japan’s Nikkei 225 dropped 0.14 per cent after early gains, and the Topix shed 0.33 per cent. South Korea’s Kospi held flat, but Kosdaq climbed 1.87 per cent.
Samsung Electronics shares rose 2.58 per cent at the open before falling 1 per cent. The company reported an over threefold surge in fourth-quarter profits Thursday, hitting a record high thanks to memory chip shortages and AI server demand.
Hong Kong’s Hang Seng edged up 0.23 per cent amid volatility, while China’s CSI 300 declined 0.31 per cent. Singapore’s Straits Times Index gained 0.19 per cent as the central bank kept policy unchanged, citing inflation risks.
Indonesia’s Jakarta Composite plunged over 8 per cent on Wednesday after an MSCI downgrade warning, with trading halted Thursday following an 8 per cent drop. The rupiah weakened to 16,778 per dollar. Goldman Sachs rated it underweight, calling it “an overhang that will impede market performance.”
U.S. markets saw the S&P 500 touch 7,000 before closing down 0.01 per cent at 6,978.03. The Dow added 0.02 per cent to 49,015.60, and Nasdaq rose 0.17 per cent to 23,857.45. Treasury yields climbed as the Fed noted solid economic expansion and unemployment stabilisation.
“I think, and many of my colleagues think, it’s hard to look at the incoming data and say the policy is significantly restrictive at this time,” said Fed Chair Jerome Powell.