Gold prices rallied to close at an all-time high of Rs13,850 per 10 gm in the Delhi market, spurred by a deepening global financial crisis and a plunge in stock prices across markets.

Gold prices had closed at high of Rs13,650 per 10 gm on 15 July.

Gold futures on the Commodity Exchange of India Ltd (MCX) also closed higher as a weaker rupee raised import prices amidst investment-led buying.

Gold for December delivery was seen facing resistance at Rs13,678 per 10 gm and support at Rs13,270. December silver traded at Rs19,390 per 10 gm.

Spot prices of standard gold jumped by Rs450 to Rs13,850 per 10 gm as investors flocked to precious metals to hedge risks, marketmen said.

They said gold was gaining as investors, both big and small, shifted from stocks and forex markets to safehaven commodities.

In London, gold rose $15.43 to $902.53 dollar an ounce, crossing the $900 mark for the first time this month, as the US currency firmed up against the Euro.

Gold prices, however, eased slightly on the back of crude oil, but falling stock markets also spurred buying by investors.

Crude oil, on the other hand, fell to $89 a barrel in Asia on investor concerns that the financial crisis would trigger a prolonged global economic slowdown and hurt crude demand.

US light, sweet crude for November delivery was down 94 cents at $89.13 a barrel on the New York Mercantile Exchange by midday in Singapore.