Asian markets gain on the back of surprise rate cut by New Zealand, Gold hovers around $1250

New Zealand's Official Cash Rate was slashed from 2.5% to 2.25% on Thursday morning. Concerns over the global economy, weak inflation expectations and low dairy prices are responsible factors for the sudden rate cut. The New Zealand dollar was trading 1.3% to $0.6650 against the US dollar and made low at $0.6619 levels after the decision.

In addition, China's inflation figure also surprised the market with the CPI rising 2.3% year-on-year in February vs 1.8% previous release.

Gold touched the low of $1242 overnight and currently hovering around $1250 marks.

Japan benchmark Nikkei 225 index rose 1.15% to 16,836.51 points on Thursday, while the broader Topix index climbed 0.83% to 1,343.37 points.

Shanghai Composite index was trading 0.05% lower to 2,861.21 points, while Hong Kong's Heng Seng index climbed 0.74% to 20,145.59 points.

The S&P/ASX 200 index traded 0.19% higher at 5,166.20 points on Thursday afternoon in Sydney.

New Zealand's S&P/NZX 50 index climbed 0.60% to 6,496.30 points in Wellington after the Reserve Bank of New Zealand cut interest rates to a record low.