The Australia New Zealand Bank Ltd. (ANZ) announced in Friday it has hired a team of experts as part of its thrust to expand its commodities operations into Asia. The new hires were comprised of physical gold distributors, treasury and funding specialists from Western Australia's Perth Mint.

They will join ANZ's commodities unit, the bank said in a statement.

ANZ's move came as gold prices reached a record $1,248.15 an ounce on Wednesday on concerns the $1 trillion European bailout package will not be enough to save the euro zone from the Greek debt contagion.

Investors flocked to gold bullion to hedge against the sliding euro, analysts said.

An ANZ spokesman said team, to be comprised of at least 10 members, have previously focused on a three-way activity that was disbanded early this year between the mint, , Newmont Mining unit Gold Alliance and refining group Johnson Matthey.

"The team will join the business from 1 June and will be based in ANZ's Perth office," the spokesman said.

The expansion of its commodities unit would give ANZ bank leverage in its plan to target India and other Asian markets. India and Asia is showing sustained growth and demand for gold in the region is also on the rise.

Financial institutions in India directly supply gold to jewelers and wealthy clients investing in gold. ANZ wants to tap into this market, the spokesman added.

Data from the Bombay Bullion Association showed that India's gold import rose to 74 percent or 126 tones from January to April year-on-year.