The price of 24 karat gold hit a record high in the domestic market after jumping by Rs10,500 per tola and was sold at Rs.162,500 on Thursday against its sale at Rs152,000 the previous day.

According to All Sindh Sarafa and Jewellers Association, the price of 10 gram 24 karat gold increased by Rs9,503. It is being sold at Rs139,318 as opposed to Rs130,315 a day earlier.

The price of ten gram 22 karat gold also increased to Rs127,708 from Rs119,456 a day earlier.

The increase in the prices of the precious metal comes amid the depreciation of the local currency against the US dollar and other currencies.

The rupee went up by Rs2.99 in the interbank market and traded at another record high of Rs238 on Thursday amid political uncertainty in the country.

The price of gold in the international market increased by $29 and was sold at $1750 per ounce from $1721 a day earlier.

Meanwhile, the price of per tola silver also witnessed an increase of Rs30 and was sold at Rs1,603 whereas that of ten gram silver went up by Rs25.72 and was sold at Rs1397.46.