HONG KONG -- Asian markets shrugged off Wall Street's selloff and early declines on Wednesday, fueled by bullish sentiment when the price of gold reached a record $891 an ounce. Gold gained after heavy buying on the debut of futures contracts in Shanghai, and other commodities followed.The Hang Seng leapt the most of all, by 502 points, or 1.9%, to 27,615, while China's Shanghai Composite Index rose 49 points, or 0.9%, to 5435. The Nikkei continued on a volatile trend for the second day running, gaining 70 points, or 0.5%, to 14,599, after hitting a new 18-month intraday low. Other major Asian indices ended in the green, too, as the Taiwanese Taiex jumped 122 points, or 1.5%, to 8085, and the South Korean Kospi climbed 18 points, or 1%, to 1844. The only decliner was the Bombay Sensitive Index, which fell flat, down 3.5 points, at 20,869, after hitting an all-time high. "There has been a regular correction recently in a bull market that is otherwise continuing," says Mark Mobius, who manages $45 billion for Franklin Templeton Investments in Singapore. "The economists keep talking down the economy but the numbers are not there yet to support that view." In Shanghai, June gold futures traded as high as 230.99 yuan a gram, or $988 an ounce, before settling back to around 224.74 yuan a gram, or $962 an ounce, according to Bloomberg. Shanghai futures trade at a premium to ordinary gold futures, in order to deter retail investors from over-speculating on the commodity.