By V. Phani Kumar, MarketWatch HONG KONG (MarketWatch) — Gold futures jumped above $1,650 an ounce in Asian trading hours Tuesday, moving in the opposite direction to a weakening U.S. dollar after China’s economy grew at a rapid clip in the fourth quarter, easing fears of a hard landing. Gold futures for delivery in February GC2G +1.74% rose to $1,658.60 an ounce, rising $27.80, or 1.7%, from their closing price on the Comex division of the New York Mercantile Exchange on Friday. U.S. markets were closed for a holiday on Monday. Data released earlier on Tuesday showed that China’s fourth-quarter gross domestic product rose 8.9% from the year-ago period, topping estimates. Monthly data also showed better-than-expected retail sales and industrial production in December. Read full story on the economic data. The data came on top of a successful debt auction Monday by France, which also served to ease worries about the euro-zone economic crisis and helped lift major European stock markets. Asian markets climbed sharply on Tuesday, staging a strong rebound after Monday’s decline, and reflecting improved risk appetite. The U.S. dollar index DXY -0.51% , which measures the greenback against a basket of six major global currencies, fell to 81.14 from 81.436 in Europe Monday. That helped to lift several commodities that are priced in the dollar, including gold and other precious metals. Among other metals, March silver futures SI2H +2.75% rose 2.6% to $30.275 an ounce and copper futures for the same month HG2H +2.91% surged 2.8% to $3.74 a pound. April futures for platinum PL2J +2.26% rose 2.2% to $1,520.80 an ounce and palladium for March delivery PA2H +2.47% jumped 2.5% to $650.60 an ounce. Varahabhotla Phani Kumar is a reporter in MarketWatch's Hong Kong bureau.

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