KARACHI, July 15: The yellow metal hit a record price of Rs22,071 per 10 grams on Tuesday after an increase of Rs643 from Rs21,428 a day before on the back of its price surge in the international market to $982 per ounce from $959 on Monday.

The domestic market had been experiencing a new price record in the current year owing to mounting tension between Iran and the USA over nuclear issue followed by rising crude oil prices, which also fuels the gold price hike every time.

Gold reached Rs25,750 per tola on Tuesday. On July 8, gold touched a new record at Rs21,214 per 10 grams and Rs24,800 per tola when the global rate was $930 per ounce.

From July 8 to 15, the international gold price has surged by $52 per ounce.

Besides, international factor, the domestic prices have also been going up due to falling value of the rupee against the dollar.

All Karachi Jewellers Group President Haji Haroon Rashid Chand claimed that the gold rate in Pakistan had been cheaper by Rs580 per tola (without duty) than Dubai.

However, in the absence of any official data of gold sales and consumption, the sales of jewellery sets have been restricted only to the ongoing marriage season.

National Commodity Exchange Limited Managing Director Assim Jang said that after persistent price increase the trading activity and even the volume in gold trading has improved.

“I think investing in gold appears to be a best option for investment worldwide these days,” he added.

All Pakistan Gems and Jewellery Merchants Association president Saeed Mazhar Ali said that all the oil producing countries were buying gold from their surplus income from oil after rising trend in its prices.

Even in foreign countries gold has been the hottest investment option these days owing to rising tension between USA and Iran and falling dollar value against major currencies.

However, he said that local sales of jewellery had been laggard due to rising prices.