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Gold prices on Tuesday edged down but finished off their session low after Federal Reserve Chairwoman Janet Yellen gave testimony to Congress.
Gold for April delivery GCJ5, +0.95% settled down $3.50, or 0.3%, at $1,197.30 an ounce. The contract dropped to an intraday low as Yellen’s prepared remarks hit, but then recovered much of that slide. Still, gold suffered a third straight session of declines, and it finished under the closely watched level of $1,200.
Here are the latest trading levels for Asia's major stock markets:
Tokyo (Nikkei Average NIK, +0.14% ) up 0.1%
Hong Kong (Hang Seng Index HSI, +0.43% ) up 0.4%
Shanghai (Shanghai Composite Index SHCOMP, +0.00% ) flat (at break)
Sydney (S&P/ASX 200 XJO, +0.36% ) up 0.5%
Seoul (Kospi SEU, +0.72% ) up 0.7%
Mumbai (Sensex 1, +0.79% ) up 0.6%
Taipei (Taiex Y9999, +0.57% ) up 0.5%
Asian stocks broadly rose Wednesday after US Federal Reserve chief Janet Yellen damped speculation of a rate hike before summer, and as eurozone finance ministers backed Greek reforms critical to avoiding a disastrous default.
The regional uptrend tracked fresh record highs on Wall Street and in Europe as investors breathed a cautious sigh of relief over the Greek package, which gives Athens a lifeline to pay its bills - for now - and sidestep an almost certain exit from the eurozone.
"The two potential international risk events for markets had positive outcomes," said Ric Spooner, chief market analyst at CMC Markets in Sydney.
"Janet Yellen's testimony moved expectations for a rate hike out in time while the boxes were ticked to cement a four-month funding programme for Greece." Tokyo edged up 0.14 per cent at the open, Sydney rose 0.28 per cent, Seoul jumped 0.74 per cent, while Wellington rallied 1.46 per cent.
MALAYSIA share prices opened lower on Wednesday with the FTSE Bursa Malaysia Kuala Lumpur Composite Index down 2.62 points to 1818.22.
Volume was 71.8 million lots worth RM21.3 million.
Gainers outnumbered losers 125 to 71.
MALAYSIA share prices closed higher on Tuesday with the FTSE Bursa Malaysia Kuala Lumpur Composite Index up 9.29 points to 1,818.68.
Volume was 2.18 billion lots worth RM2.12 billion.
Gainers outnumbered losers 432 to 409.
