Gold buying soars on India tax reforms as prices near record high

TOKYO — New money has continued to flow into the gold market despite policy changes in India and purchases by central banks in emerging markets such as Poland as prices hit record highs amid expectations of a U.S. interest rate cut.

New York gold futures were trading around $2,550 a troy ounce, near an all-time high of $2,570.40 set on Aug. 20. Expectations of new capital inflows to replace China, currently the world's largest gold bullion consumer, are driving the market.

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