Asian stocks edge higher as metals retreat ahead of Fed minutes

Asian equities mostly rose on Monday in subdued post-Christmas trading, as investors looked ahead to the release of minutes from the US Federal Reserve’s latest policy meeting, while precious metals pulled back from recent record highs.

Markets were on track to close out the final days of the year on a positive note, supported by expectations of further US interest rate cuts and optimism that the technology-driven rally still has room to run.

Although the Fed cut interest rates earlier this month as anticipated, policymakers signalled a more cautious stance going forward, with indications that rates could be kept unchanged at the next meeting. Investors are now awaiting the release of the meeting minutes on Tuesday for clues about the central bank’s outlook for 2026.

In early Asian trade, shares advanced in Hong Kong, Shanghai, Seoul, Singapore, Taipei and Manila, while markets in Tokyo, Sydney and Wellington slipped.

In commodities, gold and silver eased after recently hitting record levels. The metals had surged on expectations of further rate cuts and their appeal as safe-haven assets amid geopolitical tensions, including US strikes in Nigeria and a blockade of Venezuelan oil tankers. Gold hovered near $4,500 an ounce, while silver slipped to around $77.50 after briefly touching $80.

Oil prices rebounded, rising after a sharp drop on Friday, as traders monitored developments ahead of talks between US President Donald Trump and Ukrainian President Volodymyr Zelensky on possible peace proposals. Trump said a deal to end the war in Ukraine could be closer, though no major breakthrough has yet emerged.

Currency markets were mixed, with the yen strengthening slightly against the dollar, while the euro and pound edged higher. US stock markets ended Friday’s session flat.