Peshawar: According to authorities from the Department of Industry, 229 industrial facilities in Khyber Pakhtunkhwa (KP) have been closed due to escalating instability and insufficient government support.

Reports indicate that Khyber Pakhtunkhwa possesses a total of 2,563 industrial units. Seventeen units in the KPEZMEC (Khyber Pakhtunkhwa Economic Zones Management and Development Company) and fifty-two units in the Gadoon Economic Zone have been shut down.

As reported by the Department of Industry, there are presently 2,010 functioning industrial units in various industrial zones around the province, with no significant factories located in any of these zones.

Additionally, 324 industrial units are under construction across different zones in the province, indicating ongoing efforts to boost the sector despite the challenges faced.

Last year, the Sindh Assembly was apprised that 81 industrial units, comprising 10 textile mills and five sugar mills, have ceased operations in the last five years due to the ongoing electrical problem.

In response to inquiries from legislators, Parliamentary Secretary of the Industries and Commerce Department, Ali Ahmed, informed the assembly that the provincial government is providing support to industrialists.

Leader of the Opposition, Ali Khurshidi, voiced discontent with the replies, requesting data on the number of industrial units that were closed and those that were established from 2018 to 2023. Local Government Minister Saeed Ghani interjected, elucidating that the inquiry was related to the labor department.

Ahmed reported that 6,856 industrial units remain operational across the province, with 915 new units established. Among the shuttered facilities are 10 textile mills and a cement plant.

On Monday, gold prices in Pakistan experienced a notable rise due to a favorable change in worldwide markets.

The price of gold per tola increased by Rs500, attaining Rs282,900.The increase followed a decrease in gold prices during the prior session, where the price had dropped by Rs200 to conclude at Rs282,400 on Saturday.

On Monday, the price of 10 grams of gold increased by Rs429, reaching Rs242,541.

The increase in local gold prices reflected the favorable trend in the worldwide market, where the price of gold per ounce reached $2,708, plus an additional premium of $20. This was a $5 rise inside a single day.

Conversely, silver prices declined, with the price per tola decreasing by Rs9 to reach Rs3,372.

Analysts ascribe the rise in gold prices to variations in global demand, as investors seek refuge in precious metals amid economic concerns. As global markets exhibit ongoing volatility, analysts anticipate additional swings in the values of gold and silver in the forthcoming weeks.

The KSE-100 index advances by more than 900 points, reaching a new high of more than 116,200. This indicates that the Pakistan Stock Exchange is experiencing a bullish trend at the beginning of business.