Asian shares track Wall Street gains as gold edges lower

Asian shares were mostly higher Tuesday after U.S. stock indexes ticked upward, buoyed by strong profit reports for some companies.

The price of gold slipped back from its record, edging 0.2% lower to $5,071.70. Silver lost 5.1% to $109.66 per ounce.

In Tokyo, the Nikkei 225 rose 0.6% to 53,188.39.

The Kospi in South Korea surged 1.9% to 5,042.32 even after U.S. 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% to 25%.

Gains for tech-related shares like Samsung Electronics, which rose 2.9%, helped offset losses for automakers like Kia Corp., which fell 2%.

Chinese markets were mixed. Hong Kong's Hang Seng advanced 1.1% 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%.

Taiwan's Taiex was up 0.8%, while India's Sensex lost 0.5%.

The future for the S&P 500 gained 0.3% while that for the Dow Jones Industrial Average was 0.1% lower.

On Monday, the S&P 500 rose 0.5%, winning back its losses from last week’s dip to close at 6,950.23. The Dow Jones Industrial Average added 0.6% to 49,412.40, and the Nasdaq composite gained 0.4% 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% 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% 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% after Nvidia said it invested $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%.

USA Rare Earth rallied 7.9% after saying the U.S. government agreed to provide $277 million in federal funding to help the company produce heavy rare earths, minerals and magnets. The Trump administration also agreed to a proposed $1.3 billion loan, while the company separately raised $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%, and Southwest Airlines added 0.2%.

In other dealings early Tuesday, the price of gold slipped 0.3% to $5,067 per ounce. On Monday, it rallied 2.1% and briefly topped $5,100 per ounce for the first time. Silver surged even more and settled 14% higher, it's now at about $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 $1.1873 from $1.1881.

U.S. benchmark crude oil gave up 35 cents to $60.28 per barrel. Brent crude, the international standard, shed 43 cents to $64.34 per barrel.

AP Business Writers Matt Ott and Stan Choe contributed.