KARACHI, Oct 8: The local gold price hit the record peak at Rs23,142 per 10 grams on Wednesday, from Rs22,242 on Tuesday after the yellow metal rates on the international markets surged to $911 from $887 per ounce.

The one tola gold bar price soared to Rs27,100 as compared to Rs25,950.

Karachi Saraf and Jewellers Group President Haji Rasheed Chand said that the previous record was Rs26,050 per tola and Rs22,331 per 10 grams set on July 17, 2008 when global gold price stood at Rs$924 per ounce.

He added that the falling rupee, which has so far lost 23.4 per cent this year against the dollar, had turned the local gold costlier.

“Depositors are withdrawing their money from the banks to invest in the yellow metal,” he claimed, adding that the trend may continue as fear gripped them amid rumours about freezing of foreign currency accounts and sealing of bank lockers despite the government’s denial on Wednesday.

Saeed Mazhar Ali of all Pakistan Gem and Jewllers Merchants Association said that if the Wednesday’s actual losing value of rupee against the dollar was taken into account then the per tola price gold bar came to Rs27,600.

Those families who are looking for spot buying of jewellery will have to pay a hefty price.