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

TOKYO -- New money continues to flow into the gold market despite prices near record highs amid expectations of U.S. interest rate cuts, with policy changes in India and central bank purchases in emerging markets like Poland adding to the fervor.

New York gold futures are hovering around $2,550 per troy ounce, near the all-time high of $2,570.40 set on Aug. 20. Expectations for new capital inflows are now driving the market instead of China, the world's largest consumer of gold bullion.