LAHORE - The hike in gold price in international market coupled with diminishing value of Pakistani rupee as a sequel to the governments poor monetary policy, the per tola (11.663gm) price of precious metal, during the last five years, has soared by 224.77 per cent to Rs44,042 from Rs13,566 in 2006. According to the data gathered from the jewellers market, gold in 2006 was $598 for an ounce in the international market. In 2007, it jumped to Rs17,327 per tola and $765 per ounce in local and global markets. The hike continued in the following years too and the price in the domestic and international markets swelled to Rs 24,252 per tola and $788 per ounce respectively in 2008. In 2009, the rate in the local market stood at Rs32,965 per tola with per ounce price in the international market reaching $1,064 mark. But, the current year proved most volatile and price hiked to Rs44,042 per tola and $1,368 an ounce respectively on Oct 19. Against the backdrop of this hike, the correlation between the Pakistani rupee and the US dollar during the period 2006 and 2010, the Pakistani currencys value witnessed 42.26 per cent (Rs25.64) decline from Rs 60.66 to Rs86.30 per dollar as on Oct19. Meanwhile, India, on the contrary, ensured a stable monetary policy, especially with reference to gold. It ranged between Rs10,148 (Indian rupee) per tola price in 2006 to Rs22,376 (Rs43,198 in Pakistani currency) in 2010. It means that the gold is Rs841.6 costlier in Pakistan as one Indian rupee is equal to 1.9 of the corresponding unit of Indian currency. Pakistan Gold Art Promotion Council President Muhammad Ahmed, when contacted, said the hike in gold price was a combination of rising demand in the international market and the declining value of Pak rupee. He said the prices had climaxed into 90 per cent decline in jewellery business, as the poor and middle classes had been left with no other than to buying artificial ornaments, adding that the a two tola jewellery set price ranging between Rs33,000 to Rs35,000 in 2006 had now reached the Rs0.1m mark. International experts are of the opinion that per ounce price of gold in the international market would climb up to US$1,500 in near future. According to him, the govt should give incentives to the industry for export purposes, which would provide an opportunity to earn valuable foreign exchange.