May 11, 2003	Sunday	Rabi-ul-Awwal 8, 1424

KARACHI, May 10: Gold prices in the local bullion market rose to Rs6,545 per 10 grams on Saturday from Rs6,348 on April 30, showing an increase of 3 per cent or Rs197.

Giving reason for this increase, senior vice-chairman, All Pakistan Gem Merchants and Jewellers Association (APGMJA), Raisuddin Sheikh, told Dawn that in international markets gold prices rose to $349.20 per ounce on Friday from $331 on April 30, hence increase in local bullion prices.

He said the depreciation of the dollar against the euro and other currencies was another reason for increase in gold prices as this shook confidence of the greenback holders on its strength. “The percentage the dollar depreciates with the same the bullion prices go up in the international markets,” he added.

Replying to a question he said due to non-availability of visas the export of gems and jewellery was not so encouraging, but, he hoped, as international political and economic scenario was improving the country’s gems export would also rise, which would bring down the local bullion prices.

Karachi Saraf Bullion Exchange chairman Haji Farooq said gold imports virtually had come to a halt these days due to high prices in Dubai, which is higher than the local prices.

Despite starting of the wedding season no visible rush for jewellery was seen in the market. The reason, he said, was that prices were too high and simply beyond the reach of the general people.