rises

Feb. 13 (Asia Today) — South Korean President Lee Jae-myung’s approval rating rose 5 percentage points from the previous week to 63%, marking his highest level this year, according to a poll released Thursday by Gallup Korea.

The survey of 1,003 adults nationwide, conducted Monday through Wednesday, found that 63% of respondents said Lee was “doing well” in handling state affairs.

Those who said he was “doing poorly” fell 3 percentage points to 26%, while 11% said they had no opinion.

Among reasons for positive evaluations, “economy and people’s livelihoods” ranked highest at 16%, followed by “real estate policy” at 11% and “foreign affairs” at 10%.

For negative evaluations, “real estate policy” and “economy and people’s livelihoods” were each cited by 15% of respondents. “Foreign affairs” accounted for 9%, while 7% cited concerns about “authoritarian leadership.”

Regionally, approval was highest in Gwangju and South Jeolla Province at 81%, followed by Daejeon, Sejong and South Chungcheong Province at 69%. Support stood at 63% in Busan, Ulsan and South Gyeongsang Province, 62% in Incheon and Gyeonggi Province and 58% in Seoul. Daegu and North Gyeongsang Province recorded the lowest approval at 49%.

By age group, support was strongest among respondents in their 40s at 75%, followed by those in their 50s at 70%, 30s at 66% and 60s at 65%. Approval among those 70 and older was 57%, while respondents ages 18 to 29 showed the lowest support at 39%.

Support for the Democratic Party rose 3 percentage points from the previous week to 44%, while backing for the People Power Party fell 3 percentage points to 22%.

The poll was conducted via telephone interviews using randomly selected mobile virtual numbers. It had a margin of error of plus or minus 3.1 percentage points at a 95% confidence level. The contact rate was 40.4% and the response rate was 13.3%.

— Reported by Asia Today; translated by UPI

© Asia Today. Unauthorized reproduction or redistribution prohibited.

Original Korean report: https://www.asiatoday.co.kr/kn/view.php?key=20260213010005002

Federal Reserve Chair Jerome Powell pushed back against political pressure on the US central bank on Wednesday and defended its independence, urging the next chair to “stay out of elected politics”. Markets, however, appeared unconvinced, accelerating a sell-off in the dollar as gold and silver hit fresh record highs.

“Don’t get pulled into elected politics. Don’t do it,” Powell told reporters.

The reaction followed the Federal Reserve’s latest decision to leave interest rates unchanged in a range between 3.5% and 3.75%.

Asked whether the Fed was drawing any macroeconomic signal from the explosive rally in precious metals, Powell played down its significance.

“We don’t take much message macroeconomically,” Powell said. “The argument that we are losing credibility is simply not the case. If you look at where inflation expectations are, our credibility is right where it needs to be.”

He highlighted that the Fed does not “get spun up over particular asset price changes”, although it continues to monitor markets closely.

Markets react

The market reaction sharply contradicted Powell’s message.

Gold jumped to $5,500 per ounce, setting a new all-time high, while silver climbed above $117 per ounce.

Gold is now up over 20% this month, on track for its strongest monthly performance since January 1980.

Silver’s gains have been even more dramatic, with prices already up around 55% this month — the strongest monthly rise on record.

Meanwhile, the US dollar index, which tracks the greenback against a basket of major currencies, fell to levels last seen four years ago.

“The next couple of days will show whether investors have concluded that the dollar needs to go lower and that today’s bounce is a selling opportunity,” said James Knightley, chief economist at ING.

The dollar is now more than 10% below its 2025 highs, weighed down by persistent macro headwinds, including global central bank diversification away from US assets, widening fiscal deficits, recurring questions over Fed independence, and expectations of further policy easing.

‘Is gold the new bitcoin?’

Veteran Wall Street economist Ed Yardeni linked the rally to politics, suggesting its sustained popularity could make “gold the new bitcoin”.

Yardeni argued that US President Donald Trump, a vocal supporter of cryptocurrencies, appears to be inadvertently fuelling the rise in gold prices.

On Tuesday, Trump said “the dollar is doing great” when asked whether the currency had fallen too much, signalling he is comfortable with a weaker greenback.

“A weaker dollar may put upward pressure on US inflation, which would also boost the price of gold,” Yardeni said.

Commodities surge beyond gold and silver

The rally has spread across the broader commodities market.

Platinum climbed above $2,900 per ounce for the first time on record this week and is already up 33% this month. Palladium, which benefits from stronger industrial demand, rose to a four-year high and is up more than 22% year to date.

Copper also surged, hitting a record $6.30 per pound on Thursday.

Across commodity markets, investors are increasingly positioning for prolonged dollar weakness, amid perceptions that US institutions are willing to tolerate — or quietly accept — the shift.

Euro stronger, equities mixed

In Europe, the euro traded near $1.1950, edging lower after briefly breaking above $1.20 earlier in the week following Trump’s comments.

The single currency has now risen for three consecutive months against the dollar and is up around 15% year on year.

European equities were mixed. France’s CAC 40 and Italy’s FTSE MIB gained around 0.5%, while Germany’s DAX fell over 1%.

Frankfurt’s losses were led by SAP, which slid 16% — its biggest one-day drop since October 2020 — after weaker-than-expected cloud sales and a cut to 2026 revenue guidance outweighed in-line fourth-quarter results.