Reserves rise $22m to $14.52b

Gold surges Rs8,300 per tola amid global rally; rupee stable

KARACHI:

Pakistan's foreign exchange reserves recorded a slight increase during the week ended November 7, 2025, driven by a modest rise of $22 million in the State Bank of Pakistan's (SBP) holdings.

According to data released by the central bank on Thursday, the SBP's reserves rose by $22 million to $14.524 billion compared to $14.502 billion in the previous week.

Meanwhile, net foreign reserves held by commercial banks stood at $5.199 billion, bringing the country's total liquid foreign exchange reserves to $19.724 billion.

The Pakistani rupee remained largely stable against the US dollar, showing no day-on-day change in inter-bank trading. According to data released by SBP, the local currency closed unchanged at Rs280.76 per dollar compared to the previous day's close. So far in the current calendar year to date, the rupee has depreciated by 0.79%, while it has appreciated by 1.07% during the current fiscal year to date, according to Ismail Iqbal Securities.

Gold prices in Pakistan surged on Thursday, tracking a strong rally in the international market, where the precious metal climbed to its highest level in more than three weeks amid growing expectations of a US Federal Reserve rate cut next month.

According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of gold per tola rose by Rs8,300 to Rs443,062, compared to Rs434,762 a day earlier. Similarly, the price of 10 grams of gold increased by Rs7,116 to reach Rs379,854.

In global markets, gold prices advanced as investors anticipated that the release of key US economic data, following the reopening of the federal government, could reinforce the case for monetary easing by the Federal Reserve. A weaker dollar and easing US Treasury yields also supported the metal's upward momentum.

Commenting on market trends, Adnan Agar, Director at Interactive Commodities, said gold once again touched a new high at $4,245 per ounce before slightly retracing to around $4,196. "If the market closes above $4,200, there's potential for a move towards $4,280 or even $4,300 in the coming days. However, if it slips below $4,155, we could see it retest the $4,080-4,050 range," he noted.

Agar added that the market currently holds a bullish momentum, with the next direction hinging on whether gold maintains a close above the $4,200 mark by the end of the week.

Spot gold was up 0.2% to $4,206.64 per ounce as of 11:03 am EST (1603 GMT), its highest since October 21. US gold futures for December delivery fell 0.1% to $4,211.50 per ounce, according to Reuters.

Traders expect that economic data released after the end of the shutdown will reveal US labour market weakness and push the Fed towards at least one December rate cut, said Jim Wyckoff, senior analyst at Kitco Metals. Private surveys have indicated the job market weakness. The US government will resume operations after a record 43-day shutdown, under an agreement that funds federal operations through January 30.

While the US central bank reduced rates last month, Fed Chair Jerome Powell cautioned that further easing this year was not guaranteed, partly due to a lack of data. A Reuters' poll showed that 80% of economists expect another 25-basis-point cut at the Fed's December 9-10 meeting.