According to reports, gold price may hit an all-time high of Rs 22,000 per 10 grams by 2010 end as improbability in the US as well as European economic systems' forces capitalists to rely upon the costly metal.

A survey carried out by the Associated Chambers of Commerce and Industry (Assocham), the price of yellow metal is expected to reach around Rs 21,000 (per 10 gms) during the upcoming festive season.

Assocham said that that bullion rates would carry on heading towards northwards until correction begins in the bourses.

The top players in the capital markets, comprising mutual funds, are holding huge cash balances and making investments in costly metals awaiting improvements in the capital markets.

Assocham report stated, "Until corrections resume in equity market, these funds would go on making a beeline to commodities, more specifically bullion, which has taken gold and silver to all time high."

Assocham said rising inflationary pressure across the world and uncertainty in the US and the Euro-zone economies were among the major reasons behind the surge in gold price.

High prices of the metal will have an effect on jewelry biz in the country as demands remain weak.