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Gold has turned out to be the safest bet in the current turmoil. The prices have crossed a record high of Rs 26,000 per 10 grams for the first time ever.

Continuing on its record-breaking ascent, gold surged to an all-time high of Rs 26,490 per 10 grams in the bullion market on Thursday amid a firming global trend and brisk buying activity at home.

After crossing the psychological Rs 26,000-mark in the previous session, gold prices soared by Rs 435 to Rs 26,490 per 10 grams in the bullion market, bolstered by the precious metal's rise in overseas markets as the deepening sovereign debt crisis in the US and Europe raised demand for gold as a safe haven investment.

Silver also rose smartly by Rs 1,100 to Rs 59,200 per kg on speculative buying.

IMAGE: A group of Thais use primitive tools and methods to extract gold from self-run mines near the country's biggest and most modern Chatree gold mine. A family working at the mine can get around one gram of gold per day which they sell at the site for about 1000 Thai bahts ($32).

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Precious metals turned into an investor's delight in 2010. This trend continue this year as well. Investors got a whopping 42 per cent return by investing in metals like gold and silver.

In 2010, silver was the best performer with prices zooming by 80 per cent.

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Gold prices rose by 24 per cent in 2009 and 30 per cent in 2010. It is interesting to note that gold prices rose by 15 per cent in a month.

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Of all the precious metals, gold is the most popular as an investment option. Investors generally buy gold as a hedge against economic, political, or social crises.

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The price of gold is driven by supply and demand as well as speculation. However, saving and disposal plays a larger role in affecting its price than its consumption.

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In 2007, China overtook South Africa as the world's largest gold miner. Till then, South Africa accounted for 50 per cent of all gold ever produced.

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According to the World Gold Council, annual mine production of gold over the last few years has been close to 2,500 tonnes.

Black velveteen slippers embroidered with gold thread, one of more than 400 pieces of personal property, jewellery and antiques belonging to Bernard Madoff and his wife.

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About 2,000 tonnes of gold goes is converted into jewellery and used in industrial, dental production and around 500 tonnes goes to retail investors and exchange traded gold funds.

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There are various forms of investing in gold. Besides, exchange traded funds (ETFs) and gold SIPs (systematic investment plans), investors can buy coins, bars from banks and jewellery shops.

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The world consumption of new gold produced is about 50 per cent in jewellery, 40 per cent in investments and 10 per cent in industry.

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The major gold producers are the United States, Australia, Russia and Peru.

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Goldman Sachs has raised its forecast for gold. It said gold prices will continue to climb in 2011 and 2012.

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A gold reserve is held by a central bank or nation as a valuable resource and as a guarantee to redeem promises to pay depositors, note holders or to secure a currency.

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The United States owns the world's largest gold reserves. Gold constitutes 74.7 per cent of the nation's foreign exchange reserves.

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India, the world's largest consumer of gold ranks 11th in terms of gold reserves. Gold constitutes 8.7 per cent of the total forex reserves.

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Around 100 million people worldwide depend on gold mining for their livelihood.

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The first documented discovery of gold in the United States was at the Reed Gold Mine near Georgeville, North Carolina in 1803.

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The special issue Canadian Gold Maple Leaf coin contains the highest purity gold of any bullion coin, at 99.999 per cent.

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Pure gold is too soft for day-to-day use. It is hardened by mixing it with copper, silver or other base metals. Pure gold is designated as 24k.

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Gold is the most malleable and ductile of all metals. A single gram can be beaten into a sheet of 1 square meter, or an ounce into 300 square feet.