BANGKOK – Shares swung higher in Asia on Wednesday as hopes for a U.S. interest rate cut helped to offset worries over simmering trade tensions between Washington and Beijing.

U.S. futures rose, while oil prices retreated.

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Gold rose to new highs, venturing above $4,200 per ounce. The precious metal has soared nearly 60% in 2025 as investors seek a hedge against a long list of uncertainties, including higher tariffs and the economy.

Federal Reserve Chair Jerome Powell signaled Tuesday that the Fed is slightly more worried about the job market, raising expectations that the central bank will come through with another rate hike.

“Rising downside risks to employment have shifted our assessment of the balance of risks,” he said at a meeting of the National Association o

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