HSI Breaks Four-day Winning Streak, Gold Surges

Hong Kong shares fell on Friday after a four-day rally, while traders turn their attention to next week's high-stakes meeting between Donald Trump and Xi Jinping at the G20 summit.

The Hang Seng Index slipped 0.3 percent, to 28,473.

Across the border, the Shanghai Composite Index edged up 0.5 percent, to 3,001 and the Shenzhen Composite Index added 1.3 percent, to 1,577.

Most other Asian markets went south. Tokyo ended 1 percent lower and Sydney shed 0.6 percent. Seoul dropped 0.3 percent while Singapore was off 0.1 percent, with Manila, Mumbai and Jakarta also down.

But Taipei added 0.4 percent, and Wellington put on 0.4 percent.

Oil prices ticked lower following the previous day's surge fuelled by tensions between the United States and Iran.

The prospect of lower interest rates kept the US dollar under pressure against its major peers as well as most higher-yielding currencies including yuan, which is at levels not seen since mid-May.

A cheaper greenback and tensions in the Middle East have also ramped up demand for gold – seen as a go-to asset in times of uncertainty and upheaval – sending it above US$1,400 an ounce for the first time since 2013.

"Gold jumped more than 3 percent on Thursday as the Fed left little doubt that an interest rate [cut] is coming and with trade and political tensions still at play the yellow metal was a clear choice for investors looking for a safe haven," said Oanda senior market analyst Alfonso Esparza. (AFP)