Gold rushes to new high as Asia stocks mixed

TOKYO: Gold hit a record high on Tuesday as a weaker dollar and expectations of a US interest rate cut made the safe haven an attractive investment.
Stocks, meanwhile, were mixed as investors awaited fresh direction from Wall Street after it was closed on Monday for Labour Day.
Gold reached $3,501.59 an ounce during early trading in Asia, soaring past its previous record of $3,500.10 in April.
'The rally reflects a softer dollar but also strong central-bank and institutional demand as investors rotate out of US Treasuries', said Ipek Ozkardeskaya at Swissquote Bank.
'The share of US Treasuries held by foreign central banks has been declining for over a decade, but that shift into gold accelerated this year amidst US debt concerns, ratings downgrades, trade tensions and geopolitical risks', she said.
On equity markets, Tokyo, Seoul and Jakarta were all up, while Hong Kong and Shanghai turned negative after early gains.
On the Hang Seng, Alibaba was down slightly a day after rocketing almost 20 per cent following bumper results and a surge in AI revenue.
'While US giants face mounting questions around AI monetisation and stretched valuations, Chinese firms are showing tangible earnings lift from AI and cloud', Charu Chanana at Saxo Markets said.
The Japanese corporate world was, meanwhile, rocked by the shock resignation of the CEO of drinks giant Suntory over an illegal drugs probe.
Oil prices moved higher ahead of a weekend OPEC+ meeting to decide on output for October. The cartel is expected to keep supplies unchanged. — AFP