Asian stocks today: Markets rise on year-end AI gains; gold, silver hit record highs

Asian stock markets edged higher on Wednesday, rounding off a strong year driven largely by gains in AI-related stocks, while commodities such as gold and silver extended their rally to fresh record highs as 2025 comes to an end.Overnight in the United States, Wall Street ended on a positive note, with the S&P 500 closing at a record high as the long-awaited Santa Claus rally finally emerged. Investor sentiment was supported by data showing that the US economy expanded at a much faster pace than expected in the third quarter, as reported by Reuters.Gold and silver were among the biggest movers in early Asian trading. Spot gold rose 0.8% to a new all-time high of $4,524 per ounce, taking its gains for the year to around 72%. Silver jumped 1.2% to a record $72.27 per ounce and was on track for an annual rise of nearly 150%, marking its strongest yearly performance on record.Equity markets across Asia were modestly higher. MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.3%, taking its gain for the year to about 26%, the index’s best annual performance since 2017. Japan’s Nikkei climbed 0.4% and was also up around 26% for the year, while South Korean stocks outperformed the region with a sharp surge of 72% in 2025.Global equity futures were largely flat amid thin year-end trading volumes, with EURO STOXX 50, Nasdaq and S&P 500 futures showing little movement.Market participants remained broadly positive about equities, despite persistent risks. “As equity markets enter the fourth year of a bull market, our underlying market call remains constructive,” said Scott Chronert, a US equity strategist at Citi. He added that while earnings growth and high valuations could support further gains, sharp differences in performance across sectors and market segments are likely.In currency markets, the Japanese yen strengthened for a third straight session amid concerns over possible intervention by Japanese authorities. The dollar slipped 0.3% to 155.78 yen, moving away from the 158 level that has previously triggered intervention. The euro was steady at $1.18 and has risen about 14% this year, while the dollar has fallen roughly 10% against major peers in 2025.In the bond market, US Treasuries have gained this year following the resumption of Federal Reserve rate cuts. The two-year Treasury yield was steady at 3.532%, down 72 basis points for the year, while the 10-year yield stood at 4.1589%, lower by about 42 basis points in 2025.Oil prices were little changed in early Asian trade but were set to end the year lower for a third consecutive year. Brent crude futures were flat at $62.41 a barrel and were down about 16% for the year.