The State Bank of Pakistan's (SBP) foreign exchange reserves increased by $27 million, reaching $11.25 billion during the week ending February 28, 2025.
According to the latest data, the total liquid foreign reserves held by the country stood at $15.87 billion as of February 28, 2025. Of this, the SBP holds $11.25 billion, while commercial banks hold $4.62 billion.
Meanwhile, gold prices fell in Pakistan, mirroring a drop in international rates. In the local market, the price per tola declined by Rs3,000 on Thursday, settling at Rs304,000.
According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of 10-gram gold dropped by Rs2,571 to Rs260,630. On Wednesday, gold prices had increased by Rs700 per tola, closing at Rs307,000.
Internationally, gold prices also saw a decline on Thursday. As per APGJSA, the international rate for Pakistan stood at $2,893 per ounce (including a $20 premium), marking a $28 decrease for the day.
Globally, gold prices dipped due to rising US Treasury yields and profit-taking, while market attention turned to payroll data for insights into the Federal Reserve's monetary policy.
Spot gold fell 0.2% to $2,912.82 an ounce as of 1442 GMT after rising for the past three sessions. US gold futures also dropped 0.2% to $2,921.50.
"We are just seeing some mild profit-taking pressure from recent gains. The underlying fundamentals are still bullish Another thing that's putting some mild pressure on the gold market is a rise in bond yields," said Jim Wyckoff, a senior market analyst at Kitco Metals.
The benchmark 10-year US Treasury yields hit a one-week high, reducing the appeal of non-yielding gold.
Amid geopolitical uncertainties, gold, a global safe-haven, has gained over 10% year-to-date and hit a record high of $2,956.15 on February 24.
The US imposed a 25% tariff on imports from Mexico and Canada on Tuesday, along with further duties on Chinese goods. However, the White House confirmed on Wednesday that automakers from Canada and Mexico would be exempt from these tariffs for a month, subject to compliance with existing free trade rules.
The Pakistani rupee saw a slight gain against the US dollar, appreciating 0.02% in the interbank market on Thursday. By the end of the trading session, the rupee stood at 279.82, marking an increase of 5 paisa from its previous close of 279.87 on Wednesday.
Globally, the euro reached a four-month high against the US dollar. This surge was driven by a rise in European bond yields following Germany's proposal for a 500 billion ($539.85 billion) infrastructure fund and revisions to borrowing limits.
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