SBP reserves jump $730m on Eurobond
Pakistan's foreign exchange reserves held by the State Bank of Pakistan (SBP) increased by $730 million during the week ended April 24, 2026, supported primarily by Eurobond proceeds.
According to data released on Thursday, the SBP's reserves climbed to $15.83 billion, reflecting an improvement in the country's external liquidity position after recent pressure when the UAE withdrew its holdings amid shifting geopolitical alignments in the Middle East in the wake of Israel-US war on Iran. The overall liquid foreign reserves held by the country stood at $21.27 billion. In addition to the SBP's $15.83 billion, the net foreign reserves held by commercial banks stood at $5.44 billion.
Furthermore, the Pakistani rupee edged up 0.01% to close at 278.77 against the US dollar in the inter-bank market on Thursday, gaining Rs0.03 from Wednesday's close at 278.80, while the dollar hovered near more than a two-week high.
Meanwhile, gold prices in Pakistan moved higher, tracking gains in the international market, as a softer US dollar and easing oil prices supported bullion, though lingering inflation concerns tied to the Middle East conflict kept the metal on course for a second consecutive monthly decline.
In the local market, the price of gold per tola surged by Rs4,400 to settle at Rs483,962, according to rates issued by the All-Pakistan Gems and Jewellers Sarafa Association. Similarly, the price of 10-gram gold rose by Rs3,772 to Rs414,919.
The increase follows a sharp decline in the previous session, when gold per tola had dropped by Rs5,500 to close at Rs479,562, highlighting ongoing volatility in the bullion market. On Thursday, silver prices also edged higher, gaining Rs55 to reach Rs7,821 per tola.
In the international market, spot gold rose 1.6% to $4,615.50 per ounce by midday trading, recovering from a one-month low hit a day earlier, as reported by Reuters. Market participants attributed the rebound to a weaker dollar, which typically makes gold more attractive for investors holding other currencies, alongside easing crude oil prices that helped temper inflation expectations.
Adnan Agar, Director at Interactive Commodities, noted that the market showed signs of recovery after testing lower levels. On Wednesday, gold touched a low of $4,509, but on Thursday it rebounded to a high of $4,646 and was later hovering around $4,616, he said.
He added that the market's near-term direction hinges on its ability to sustain levels above $4,600. "If gold closes above $4,600, it could maintain upward momentum. Otherwise, strong support exists around $4,450, where the market may find a base and reverse," Agar explained.
Meanwhile, global financial institutions continue to flag mixed signals for bullion. The Bank of England has warned that the Iran conflict could exacerbate inflation risks, complicating the outlook for rate cuts.