Asian stocks pushed higher Thursday, with Japan and Taiwan setting the pace, even as gold held near all-time highs that kept investors hedging into defensives before pivotal U.S. inflation figures. Gains in technology shares set the tone, but the persistence of elevated bullion prices underscored a cautious backdrop.
In Tokyo, the Nikkei rose toward fresh records, helped by strength in technology, energy, and utilities. Investor enthusiasm for artificial intelligence rippled across the region after an outsized rally in Oracle, lifting stocks tied to data infrastructure and chipmaking. SoftBank surged in Japan, while Taiwan’s benchmark climbed as chip heavyweight TSMC advanced.
Blue chips gained, helping the CSI 300 higher, as traders leaned into a risk-on open while keeping one eye on the week’s U.S. price data and rate path. The updraft across equities contrasted with a still-robust gold market that has repeatedly tested new highs this month.
Spot prices set a record above 3,650 dollars an ounce earlier in the week and hovered close to that level, supported by expectations that the Federal Reserve will begin easing policy and by a bid for safety amid geopolitical and growth worries.
Producer price data suggested inflation pressures are moderating, and investors now await the August consumer price index due later Thursday in New York.
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The release lands just days before the Fed’s September meeting, where markets still favor a quarter-point cut, while keeping a small probability on a larger move. Treasury yields were little changed to slightly higher and the dollar steadied as traders positioned into the print.
Equity markets, that mix has produced a barbell. AI-linked growth shares continue to command flows, yet the simultaneous strength in gold and a bid for defensives suggests investors want ballast in case inflation proves sticky or the Fed signals a slower glide path.
The focus will be on whether CPI confirms the softer trend seen in producer prices without rekindling concerns about demand. A cooler print would support rate-cut hopes and extend the current risk bid.
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A surprise to the upside could revive rate volatility and favor havens again, a setup that has already kept gold near records despite rising equity indices.
