Gold prices moved up in Asian trade Wednesday mainly on bargain hunting triggered by Fed moves to revive US economic recovery.

Gold for immediate delivery was seen trading at $1203.18 an ounce at 12.00 noon Singapore while U.S. gold futures for December delivery was at $1,205.4 an ounce.

Analysts said a weak dollar and strong equities also supported the precious yellow metal while lack of physical buying prevented it from big gains.

On Tuesday, gold futures for December rose as high as $1,208.40 an ounce on the comex in New York after the U.S. Fed announced plans to reinvest principal payments on mortgage holdings into long-term Treasury securities.

The metal settled at $1,198 on the exchange before the Fed statement.

Silver futures for September delivery declined 8.4 cents, or 0.5 percent, to $18.158 an ounce at the close of regular trading. After the Fed announcement, silver rebounded, trading as high as $18.475.

Platinum futures for October delivery dropped $5.90, or 0.4 percent, to settle at $1,537 an ounce on the New York Mercantile Exchange. After the Fed announcement, prices were trading higher at $1,544.50.