Gold keeps its shine, crosses Rs 24,500

Gold sparkled at an all-time high of over Rs 24,500 per 10 grams in Kolkata on Friday as the metal's appeal as a safe haven increased amid a worldwide crash in other investment options - equities and the dollar.

Market players domestic prices were influenced by firm cues in global markets, where gold climbed to an all-time high of $1,683.30 an ounce in New York last evening, amid fears of recession in the US and debt problems in the Euro zone.

Moving in tandem with global prices, gold prices rose by Rs 160 to Rs 24,535 per 10 grams in Kolkata; it went up by Rs 210 to Rs 24,455 in Chennai.

In the national capital, it spurted by Rs 70 to hit a new high of Rs 24,350. Similarly in Mumbai, it gained Rs 135 to Rs 24,280 per 10 grams.

Good domestic demand ahead of the festive and the marriage season also helped it surpass all records, they added.

In futures trading at the Multi Commodity Exchange (MCX), gold for delivery in October shot up by Rs 224, or 0.90 per cent, to a new high of Rs 24,289 per 10 grams, with a business turnover of 3,431 lots.

"Diversion of investments from melting equity markets towards bullion market, too, had a positive impact on the gold's sentiments," Rakesh Anand, Delhi-based leading jeweller, said.

"Gold still has the potential to rise in the coming days," he added.

Commenting on spurt in global prices, analysts said investors rush to park funds in gold, considered safest haven, especially in times of distress. .