HONG KONG - Asian stock markets advanced Monday as better-than-expected news about U.S. retailers buoyed confidence in world's largest economy and gold prices hit a new record. Major markets across the region were up between 1 percent and 2 percent as investors poured into commodities and shares of resource companies while the dollar continued to founder. Gold broke above $1,130 and oil traded higher around $77.

Encouraging quarterly reports Friday from large U.S. retail chains, as well as The Walt Disney Co., helped ease investor worries about American consumer spending, long a major source of growth for Asia's export-oriented economies.

"The data is improving, the news is on the upswing, and first and foremost this helps boost confidence," said Lorraine Tan, director of equities research at Standard & Poor's in Singapore.

Also on investors' minds was President Barack Obama (web | news | bio) 's first visit to China, where issues of trade, the economic recovery and the two countries' currencies were likely to figure in meetings with Beijing's leaders.

In Japan, the Nikkei 225 stock average added 20.87 points, or 0.2 percent, to 9,791.18. In greater China, Hong Kong's Hang Seng rose 330.08 points, or 1.5 percent, to 22,883.71, and Shanghai's benchmark surged 83.70 points, or 2.6 percent, to 3,271.35.

Markets in South Korea, Taiwan, India and Australia rose by 1 percent or more.

Tan and other analysts point to the weakening dollar and record low interest rates as key reason for the continuing advance in global equities, as well as commodities. With bonds and savings accounts yielding so little these days, investors big and small have been looking for bets with higher payoffs.

This means people are going to favor investments like equities, she said. "There just aren't that many alternatives if you want returns."

Friday on Wall Street, the Dow rose 73.00, or 0.7 percent, to 10,270.47.

The broader Standard & Poor's 500 index rose 6.24, or 0.6 percent, to 1,093.48. The Nasdaq composite index rose 18.86, or 0.9 percent, to 2,167.88.

Wall Street futures suggested a stronger open in the U.S. Monday.

Oil prices rose in Asia amid a weaker U.S. dollar and an improving global crude demand outlook next year. Benchmark crude for December delivery was up 86 cents to $77.21 a barrel; the contract settled down 59 cents at $76.35 on Friday.

The flailing greenback also lifted gold, seen as a hedge against a lower U.S. currency. Gold prices were up $12.7 at 1129.4 after touching a new high of $1,130.6.

In currencies, the dollar was slightly higher at 89.55 yen from 89.51 yen. The euro gained to $1.4968 from $1.4923.

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