The price of gold on Thursday reached an all-time high of Rs162,500 per tola after gaining Rs10,000 — a record single-day hike in the price of the metal.

After the fresh hike, the rates for 10 grams of gold have soared to Rs139,318.

President Karachi Saraf and Jewellers Group (KSJG) Haji Haroon Rashid Chand, in a statement, linked the hike in local market to similar movement in its international price. He said that in global market on Thursday the metal's price surged by $31 dollars per ounce to $1,721.

He also said that dollar surging to Rs240 against rupee also triggered the sharp movement in gold rates.

Chand warned of further hike in gold prices in days to come.

"A fixed tax of Rs40,000 has been imposed on us by the FBR and we will not pay these tax as we cannot afford due to soaring inflation."

He demanded the government to withdraw the fixed tax and hold talks with traders in view of spiraling cost of bullion, saying "the purchasing power of the masses has drastically reduced due to rising prices."