TOKYO, Jan 28, (AP): Asian shares advanced on Wednesday and the prices of gold and silver soared higher ahead of an interest rate decision by the US Federal Reserve. Later Wednesday, the US central bank was due to announce its latest move on interest rates. The expectation is that it will hold its main interest rate steady for now.

In Asian trading, South Korea’s benchmark hit a record, lifted by gains for technology shares like computer chip maker SK Hynix, which climbed 5.1%. The Kospi gained 1.7% to 5,170.81. Tokyo's Nikkei 225 index clawed back early losses to edge less than 0.1% higher, closing at 53,358.71. Energy and technology giant SoftBank Group Corp helped lift the benchmark following reports it plans to invest more in OpenAI.

The dollar rebounded slightly against the Japanese yen but has still weakened sharply since last week, putting pressure on shares of major exporters. The dollar was trading at 152.69 yen, up from 152.19 yen. But it's nearly 4% lower than its level last week, when it surged to near 160 yen, prompting both Japanese and US officials to warn they will intervene to stanch the yen's decline.

The euro slipped to $1.1987 from $1.2041 late Monday. It also has surged against the dollar. An index measuring the U.S dollar’s strength against several of its competitors has dropped to its lowest point since 2022. The price of gold jumped nearly 3.8% to $5,274.10, and silver’s price jumped 7.7%, to $114.19. Prices of precious metals have been soaring as investors, including major central banks, have sold dollars to park their money in assets considered to be relatively safe in times of turmoil.

Elsewhere in Asia, Hong Kong's Hang Seng index rose 2.3% to 27,746.33, while the Shanghai Composite index added 0.3% to 4,151.24. Taiwan's Taiex advanced 1.5%, while the Sensex in India gained 0.3%. On Tuesday, US stocks zigzagged following mixed profit reports from UnitedHealth, General Motors and other big companies. Several of Wall Street’s most influential stocks will deliver their latest earnings reports later this week. They include Meta Platforms, Microsoft and Tesla on Wednesday and Apple on Thursday.