KARACHI: Despite calm in international gold markets and exchange rate stability, the yellow metal traders on Tuesday pushed up the prices to historic highs of Rs221,000 per tola and Rs189,472 per 10-gram.

The prices were raised by Rs1,500 per tola and Rs1,286 per 10 grams from overnight levels.

According to All Sindh Saraf Jewellers Group (ASSJG), the world gold rate remained unchanged at $1,990 per ounce.

The rupee largely stayed stable at 283.92 against the US dollar in the interbank market, while it was available at 289.50 in the open market.

ASSJG President Haji Haroon Rasheed Chand claimed that one of the main reasons for rising local gold rates was the lifting of the yellow metal bars by local investors after losing hope in the dollar.

Plant shutdown

Meanwhile, Agriauto Industries Ltd (AIL) informed the Pakistan Stock Exchange (PSX) on Tuesday that it would observe a partial shutdown during the ongoing month due to a sharp reduction in parts supplies to its major customers.

Agriauto Stamping Company, the wholly owned subsidiary of AIL, would also observe a partial shutdown during the current month.

Separately, Lotte Chemical Pakistan Ltd informed the PSX that it resumed its operations on Monday after keeping production suspended since March 15.

Bike price hike

Yamaha Motor Pakistan Ltd (YMPL) on Tuesday increased the prices of two-wheelers by Rs14,000-15,500 from May 4 without citing any reason in its letter issued to its authorised dealers.

Published in Dawn, May 3rd, 2023