Market Report - Asia Rallies on U.S.

Asian investors bought regional shares Wednesday on signs of improving U.S. economic fundamentals with resource-related firms jumping along with gold.

The precious metal hit a new record peak above $1,200 an ounce, lifting metals firms from Sydney to Seoul.

Mining giants BHP Billiton and Rio Tinto rode the commodity gains higher.

Benchmarks in Tokyo and Seoul hit recent highs, with the yen easing against the dollar prompting some buying of Japanese exporters.

Hong Kong and Shanghai joined the rally, with Geely Motor hitting a record peak on a report it is moving closer to buying Ford's Volvo unit.

Taiwan's chip giants TSMC and rival UMC gained after DRAM maker Powerchip said it had returned to profitability in November.

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