Investing.com - Gold prices rose during Asian trading hours on Wednesday as investors looked past a dismal U.S. factory barometer that sent investors ditching the dollar on concerns the Federal Reserve will keep stimulus programs in place.
Gold and the greenback tend to trade inversely with one another, and Fed stimulus tools such as bond purchases tend to bolster the yellow metal's appeal as a hedge.
On the Comex division of the New York Mercantile Exchange, gold futures for April delivery traded up 0.12% at USD1,252.70 a troy ounce during Asian trading.
On Tuesday the gold futures hit a session low of USD1,252.50 and a high of 1,254.90. The April contract settled at USD1,254.20.
Futures were likely to find support at USD1,237.90 a troy ounce, Thursday's low, and resistance at USD1,266.10, Monday's high.
On Tuesday, the dollar regained ground on sentiments that harsh winter weather may have played a role on the indicator's poor showing, which wiped out gold's gains.
Elsewhere, the Commerce Department reported on Tuesday that U.S. factory orders fell 1.5% in January, better than expectations for a decline of 1.7%.
Meanwhile, silver for March delivery rose 0.21% at USD19.465 a troy ounce, while copper futures for March delivery were up 0.05% and trading at USD3.195 a pound.
