SBP injects Rs2tr liquidity
The State Bank of Pakistan (SBP) injected around Rs2 trillion in liquidity into the banking system through both conventional and Shariah-compliant Open Market Operations (OMOs) on January 23, 2026.
Under the conventional OMO (reverse repo purchase), the SBP injected Rs1.6488 trillion for a seven-day tenor at an accepted cut-off rate of 10.51%. The amount was accepted against bids of Rs1.614 trillion, with all bids cleared at the same rate, reflecting strong market demand for short-term liquidity.
Simultaneously, through the Shariah-compliant Mudarabah-based OMO, the central bank accepted Rs550 billion (face value), with a realised value of Rs531.0 billion, for a seven-day tenor at a rate of return of 10.51%. This was out of total bids of Rs644 billion offered by Islamic banks and institutions. A portion of the bids at the same rate was accepted on a pro-rata basis, indicating oversubscription at the cut-off level.
Meanwhile, the Pakistani rupee edged up slightly in the interbank market on Friday, appreciating by Rs0.01 to close at 279.86 against the US dollar, compared with Thursday's close of 279.87.
Gold prices in Pakistan surged to another all-time high on Friday, tracking an extraordinary rally in international bullion markets. Globally, spot gold climbed to fresh records near the $5,000 per ounce mark as investors flocked to safe-haven assets amid escalating geopolitical risks and growing expectations of interest rate cuts in the United States.
In the domestic market, the price of gold per tola jumped by Rs9,100 to reach Rs514,662, according to rates issued by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA). Similarly, the price of 10-gram gold rose by Rs7,802 to Rs441,239. On Thursday, gold had settled at Rs505,562 per tola after a decline of Rs800.
Internationally, spot gold hit a record high of $4,988.17 per ounce, moving steadily towards the psychologically significant $5,000-per-ounce level as capital flowed into precious metals on risk-off sentiment and expectations of monetary easing, according to Reuters.
Silver also witnessed a historic surge. In Pakistan, silver prices rose by Rs372 to reach a new all-time high of Rs10,275 per tola. In global markets, spot silver jumped 4.5% to $100.49 per ounce by 1649 GMT, marking the first time silver crossed the $100 level, Reuters reported.
Other precious metals also gained momentum, with platinum attracting renewed demand as a cheaper alternative to gold, according to HSBC, while palladium posted gains of more than 4%.
Commenting on the rally, Philip Newman, Director at Metals Focus, said silver should continue to benefit from many of the same forces supporting gold investment demand.
Adnan Agar, Director at Interactive Commodities, said gold was trading around $4,982 after making an intraday high of $4,987, adding that market momentum suggested a potential break above $5,000 before the close.
"The most important thing is that silver has completed its century; it has crossed $100. Right now, silver is at $100.80 and made a high of $101. It seems silver may reach $102. Gold also appears likely to move towards $5,040 or $5,050," he said.
He added that while a technical correction remains possible next week, the broader trend remains firmly bullish, driven by geopolitical uncertainty, monetary policy expectations, and sustained investor demand for safe-haven assets.