Newcrest, Zijin Rise After Gold Surges to Record

(Bloomberg) - Newcrest Mining Ltd., Australia's largest gold-mining company, rose to a record and led gains in Asian producers including Zijin Mining Group Co. after the price of the metal reached its highest ever.

Bullion extended a seven-year rally as the dollar weakened and crude oil reached $100 a barrel for the first time, stoking expectations for inflationary. Gold surged to a record $860.10 an ounce yesterday.

Rising jewelry demand in China and India and from investors seeking a hedge against inflation helped gold more than double in the past five years. Gold miners in China and Australia, the world's second and third-largest producers, are opening new mines and hunting for acquisitions to meet demand.

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