KOCHI(BullionStreet): Gold prices hit an all time high in India ,world's largest consumer, Tuesday as a sovereign of gold (8 grams) cost Rs 24,240 here,up by Rs 80 from Monday.

According to analysts the price hike was the result of a combination of factors including demand from stockists and jewellers amid continuing weakness in rupee.

Rupee declined for the fifth day in a row and lost 22 paise to close at 55.73 against the US dollar. A weak rupee will increase the import cost of gold.

They feared that the record hike might dampen retail shopping in ongoing wedding season. Cost of a gram of gold crossed the Rs 3000 mark to hit Rs 3030 on Tuesday.

On Monday, gold prices hit an all-time record in country's capital New Delhi at Rs 32,950 per 10 grams Gold of 99.9 and 99.5 per cent purity added Rs 100 each to Rs 32,950 and Rs 32,750 per 10 grams, respectively in the bullion market there.

Globally, the yellow metal traded in a tight range above $1,748 an ounce on Tuesday, as traders moved to the sidelines after initially pushing up bullion by almost $3 following a deal among Greece's international lenders to cut the country's long-term debt.