SBP reserves climb $611m to $16.5b

The central bank's foreign exchange reserves recorded a healthy increase during the week ended June 24, 2026 as they rose $611 million to reach $16.53 billion.

The increase was mainly driven by government inflows from multilateral institutions, said the State Bank of Pakistan (SBP) in a statement on Thursday. This weekly gain further strengthens the country's external position.

Pakistan's total liquid foreign reserves stood at $22.1 billion as of June 24, 2026. Of these, the reserves held by the State Bank amounted to $16.5 billion, while the net reserves held by commercial banks hit $5.5 billion. Furthermore, the rupee closed at Rs278.15 compared to Rs278.16 on June 30, 2026, according to the SBP.

Meanwhile, gold prices in Pakistan rose sharply on Thursday, mirroring a strong rally in international markets, as weaker-than-expected US non-farm payrolls data dampened expectations of aggressive Federal Reserve rate hikes this year.

According to the All-Pakistan Gems and Jewellers Sarafa Association, the price of gold per tola increased Rs9,100 to reach Rs428,736. Similarly, the 10-gram gold rose Rs7,802 to Rs367,572. On Wednesday, the per-tola price had declined by Rs5,200.

The uptick in local prices aligned with international trends, where spot gold climbed 2.4% to $4,126.97 per ounce as of 9:00 am EDT. US gold futures gained 1.4% to $4,139.20. The US dollar index fell 0.7%, making dollar-denominated metals more attractive for foreign buyers.

Market participants attributed the rally to soft US employment figures, which fueled speculation that the Federal Reserve might adopt a more dovish stance on monetary policy. Central banks also remained active buyers, with the World Gold Council noting sustained purchases in May.

Interactive Commodities' Director Adnan Agar highlighted that the US non-farm payroll and unemployment data came out in favour of gold. So, gold made a low of $4,030 and a high of $4,140. Later, the market was trading at $4,127.

The market has crossed some of its technical hurdles that were right around $4,100. "Now, there are chances that the maximum upside for gold could be between $4,200 and $4,250. After that, there is some chance that it may move downwards from there. So, for now, if you look at it, today (Thursday) looks positive," he said.

"Tomorrow (Friday) is a bank holiday in the US because of Independence Day. The market will also close early tomorrow and remain quiet. Then, from Monday onwards, we will see some good activity."

Silver prices also advanced, rising Rs203 per tola to Rs6,445. Globally, spot silver was up around 4%.