Investing.com - Gold prices were nearly flat in Asia on Wednesday on Russia's assurance it wasn't out to annex the Ukraine, while mixed data in the U.S. overnight failed to convince investors the Federal Reserve was more likely to delay the pace at which it dismantles stimulus programs. On the Comex division of the New York Mercantile Exchange, gold futures for April delivery traded at $1,358.30 a troy unce, down 0.05%, after hitting an overnight session low of $1,351.20 and off a high of $1,368.40. Markets breathed a sigh of relief on Tuesday after Russian President Vladimir Putin said that Moscow isn't seeking "a partition of Ukraine," suggesting that Russia's moves in the area would be limited. The speech came one day after President Putin recognized the results of Sunday's referendum in Crimea, which saw a majority of voters opting to split from Ukraine. The European Union and the U.S. have declared the vote illegal and imposed sanctions. Gold, which trades inversely with the dollar, has been a safe-haven asset class of choice during the crisis, and Putin's calming words enticed investors out of the yellow metal and back into greenback positions a day ahead of the Federal Reserve's March statement on monetary policy. Elsewhere, mixed U.S. housing data failed to boost gold prices. The Labor Department on Tuesday reported that the U.S. consumer price index slowed to 1.1% in February from 1.6% in January. Analysts had expected the annual inflation rate to decline to 1.2%. Month-on-month, U.S. consumer prices rose 0.1% in February, in line with forecasts. Core inflation rates, which are stripped of volatile food and energy prices, rose 1.6% on year and 0.1% month-on-month, both figures in line with market forecasts. The Federal Reserve plays close attention to core inflation rates when deciding on monetary policy. Separately, the Commerce Department reported that the number of building permits issued in the U.S. rose to a four-month high in February, rebounding after a sharp drop in January. The number of building permits issued last month jumped 7.7% to 1.018 million units, beating market calls for a 1.6% increase. U.S. housing starts, however, fell 0.2% last month to hit a seasonally adjusted 907,000 units, disappointing expectations for an increase of 3.4% to 910,000 units. After digesting the data, investors viewed the numbers as strong enough to keep the Fed cutting its monthly bond purchases, which weaken the dollar to spur recovery, making gold an attractive hedge. Currently, the Fed is purchasing $65 billion Treasury bonds and mortgage debt a month, though many expect the U.S. central bank to trim that figure to $55 billion at a policy meeting on Wednesday. Meanwhile, silver for May delivery was down 0.01% at US$20.860 a troy ounce, while copper futures for May delivery were down 0.035% at US$2.943 a pound.

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