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Gold snapped up at record high

INVESTORS are pumping savings into gold more than ever as the precious metal hit a record high for the second straight day.

The International Monetary Fund's monthly report on central bank reserves has outlined that Thailand, Russia and Kazakhstan, among others, added to their holdings of gold two months ago.

This had the effect of prolonging the trend in the official sector to put more of their reserves into bullion rather than hard currencies.

Spot gold was last quoted at $1,668.06 (¤1,164.81) an ounce, an increase of 0.5pc on the day, having hit a record $1,672.65 (¤1,168.13) earlier.

US gold futures were last up 1.6pc at $1,671.00 an ounce.