Asian Stocks Drop Amid Tech Sector Slump, Gold Surges on Safe-Haven Demand

Asian equities slipped in late trading as technology shares led losses across major benchmarks. The MSCI Asia Pacific Index closed 1.2% lower, marking its third consecutive decline. Japan’s Nikkei 225 dropped 1.8%, pressured by heavy selling in semiconductor and electronics stocks, including a 4.3% fall in Tokyo-listed Renesas Electronics Corp. Hong Kong’s Hang Seng Index fell 2.1%, dragged by tech-heavy names such as Alibaba Group Holding Ltd., which declined 3.6% on weak earnings from its cloud division. Gold prices climbed to a one-week high, with the Comex gold futures contract settling at $2,345.80 per ounce, up 1.7% for the session. The move followed a sharp increase in demand for safe-haven assets as U.S. Treasury yields retreated. The yield on the 10-year U.S. note dropped to 4.31% from 4.43% earlier in the week, suggesting market anticipation of a potential pause in Federal Reserve rate hikes. China’s CSI 300 Index dropped 1.5%, with state-owned industrial firms and electric vehicle makers under pressure. BYD Co. slid 2.9% after reporting weaker-than-expected third-quarter vehicle deliveries. Meanwhile, South Korea’s KOSPI index fell 1.3%, as Samsung Electronics Co. lost 2.7% on concerns over smartphone demand in key export markets. The sell-off in tech stocks and flight to gold highlight renewed market sensitivity to macroeconomic uncertainty. Investors are monitoring upcoming U.S. inflation data and central bank commentary for signals on future policy direction. The broader Asian equity decline underscores ongoing volatility in global markets despite recent stabilization in credit and bond markets.