Asian shares rise, gold and silver hit record high levels

Stocks were marginally higher, with MSCI’s broadest index of Asia-Pacific shares outside Japan up 0.3%

Asian shares rose on Wednesday, capping a year of brisk artificial intelligence-driven gains, while commodities such as gold and silver extended their bullish run to new all-time highs as 2025 draws to a close.

Gold and silver were again the big movers in early Asian trade. Spot gold prices jumped 0.8% to another all-time high of $4,524 per ounce, bringing the gain for this year to 72%. Silver climbed 1.2% to a record $72.27 per ounce, and was set for an annual increase of around 150%, its best year ever.

Stocks in the region were marginally higher, with MSCI’s broadest index of Asia-Pacific shares outside Japan up 0.3%. The index is up 26% for the year, its best performance since 2017.

Nikkei added 0.4% and was up 26% this year. South Korea outperformed the rest of Asia for the year with a sharp surge of 72%.

As equity markets enter the fourth year of a bull market, our underlying market call remains constructive, said Scott Chronert, a U.S. equity strategist at Citi, who is tipping another year of upsides for equities on earnings growth and high valuations.

Yet, high performance dispersion within themes, sectors, and market cap is expected, he said.

In the foreign exchange market, the yen rose for a third straight session amid intervention risk from Japanese authorities. The dollar shed 0.3% to 155.78 yen, retreating from the 158 level zone that drew intervention in the past.

In other markets, EURO STOXX 50 futures, Nasdaq futures and S&P 500 futures were little changed amid thin liquidity.

The euro was largely steady at $1.18, having rallied 14% this year. Against its major peers, the dollar was down nearly 10% this year.