KARACHI, March 6: Local gold price hit a new record peak of Rs20,228 on Thursday as international bullion rate touched $989 per ounce from $987 on Wednesday.

The 10 tola gold bar now costs Rs236,000 as compared to Rs233,500 two days back. However, the last record peak was marked at Rs20,014 on Tuesday but fell to Rs19,800 on Wednesday.

President All Karachi Jewellers Group (AKJG), Haji Haroon Rasheed Chand, said that the local gold rate had surged by Rs8,600 since Ramazan last year when the yellow metal was available at Rs15,000 per tola.

He said that many people have now suspended selling gold in the local markets in anticipation of further increase in prices.

He added that only investors had been active in the markets in lifting the yellow metal, while there has been some increase in sale of jewellery sets after the start of peak marriage season.

Chand said that the international gold price had been increasing owing to various factors led by rising crude oil prices, and heavy purchasing by the investors and the people.