Randgold Resources defied the weak market trend and outperformed its peers in the mining sector as the price of gold hit a record high above $1,080 an ounce.

The rise in the bullion came after news that the Reserve Bank of India had acquired 200 tonnes of the precious metal from the International Monetary Fund. Traders said the $6.7bn purchase – thought to be the single biggest by a central bank in about 30 years – had fuelled speculation that other developing countries could follow suit.