Asian shares track Wall Street gains as gold edges lower

Tokyo, Jan 27 (AP) Asian shares were mostly higher Tuesday after US stock indexes ticked upward, buoyed by strong profit reports for some companies.
    The price of gold slipped back from its record, edging 0.2 per cent lower to USD 5,071.70. Silver lost 5.1 per cent to USD 109.66 per ounce.
    In Tokyo, the Nikkei 225 rose 0.6 per cent to 53,188.39.
    The Kospi in South Korea surged 1.9 per cent to 5,042.32 even after US President Donald Trump said he would raise tariffs on South Korean goods because the country's national assembly has yet to approve a trade framework announced last year.
    Trump said on social media Monday that import taxes would be raised on autos, lumber and pharmaceutical drugs from South Korea with the rate on other goods going from 15 per cent to 25 per cent.
    Gains for tech-related shares like Samsung Electronics, which rose 2.9 per cent, helped offset losses for automakers like Kia Corp., which fell 2 per cent.
    Chinese markets were mixed. Hong Kong's Hang Seng advanced 1.1 per cent to 27,055.65 and the Shanghai Composite index was nearly unchanged at 4,134.03. But the benchmark for the smaller market in Shenzhen dropped 0.9 per cent.
    Taiwan's Taiex was up 0.8 per cent, while India's Sensex lost 0.5 per cent.
    The future for the S&P 500 gained 0.3 per cent while that for the Dow Jones Industrial Average was 0.1 per cent lower.
    On Monday, the S&P 500 rose 0.5 per cent, winning back its losses from last week's dip to close at 6,950.23. The Dow Jones Industrial Average added 0.6 per cent to 49,412.40, and the Nasdaq composite gained 0.4 per cent to 23,601.36.
    Financial markets could face more swings in a week full of big tests.
    The Federal Reserve will announce its stance on interest rates on Wednesday, when it is expected to hold steady. It's been lowering its main interest rate and has indicated more cuts may be on the way in 2026 to help shore up the job market and give the economy a boost.
    Inflation remains stubbornly above the Fed's 2 per cent target and lower rates could worsen it.
    Several of Wall Street's most influential stocks are also set to deliver earnings reports. That includes Meta Platforms, Microsoft and Tesla on Wednesday and Apple on Thursday.
    In Monday trading, Baker Hughes helped lead the way and rose 4.4 per cent after delivering a stronger profit for the latest quarter than analysts expected, helped by strong demand for liquefied natural gas, among other things.
    CoreWeave climbed 5.7 per cent after Nvidia said it invested USD 2 billion in the stock and will help accelerate the buildout of CoreWeave's artificial-intelligence factories, which use Nvidia chips, by 2030 to advance AI adoption. But Nvidia slipped 0.6 per cent.
    USA Rare Earth rallied 7.9 per cent after saying the US government agreed to provide USD 277 million in federal funding to help the company produce heavy rare earths, minerals and magnets. The Trump administration also agreed to a proposed USD 1.3 billion loan, while the company separately raised USD 1.5 billion through private investors.
    Much of the rest of Wall Street was relatively quiet. That included mixed performances for airlines, which had to cancel thousands of flights due to the winter storm that swept much of the United States over the weekend. Delta Air Lines lost 0.7 per cent, and Southwest Airlines added 0.2 per cent.
    In other dealings early Tuesday, the price of gold slipped 0.3 per cent to USD 5,067 per ounce. On Monday, it rallied 2.1 per cent and briefly topped USD 5,100 per ounce for the first time. Silver surged even more and settled 14 per cent higher, it's now at about USD 109 per ounce.
    Prices for precious metals have been soaring as investors look for safer places to park their money amid threats of tariffs, still-high inflation, political strife and mountains of debt for governments worldwide.
    The dollar rose to 154.52 Japanese yen from 154.20 yen, while the euro slipped to USD 1.1873 from USD 1.1881.
    US benchmark crude oil gave up 35 cents to USD 60.28 per barrel. Brent crude, the international standard, shed 43 cents to USD 64.34 per barrel. (AP) RD
RD

(This story has not been edited by THE WEEK and is auto-generated from PTI)