On Tuesday, overnight US manufacturing data supported risk appetite, with gold and silver rising in early Asian trading, while Asian stock markets opened higher and extended gains; Japan's TOPIX index surged over 2%, and the South Korean stock market also staged a strong rebound. The Nikkei 225 index opened 1.3% higher, subsequently widening its intraday gains to 2%, while the Tokyo Stock Price Index (TOPIX) also saw its intraday advance expand to 2%.
South Korea's Seoul Composite Index opened 3.3% higher, and the Australian stock market started the day up 1%. Following one of the worst single-day performances in months for commodities on Monday, precious metals rebounded in early Tuesday trading. Spot gold climbed above $4800 per ounce, gaining over 3% on the day. Spot palladium advanced 3% to $1,767.25 per ounce. Spot platinum rose 3% to $2,187.35 per ounce.
Spot silver jumped 5%, breaking through the $83 mark.
Meanwhile, new developments emerged in the geopolitical sphere, as former President Trump stated that he would significantly reduce tariffs on India to 18% after the Indian Prime Minister agreed to halt purchases of Russian oil; this news is expected to ease bilateral tensions and become a focal point for Indian assets. Updates to follow.
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