The State Bank of Pakistan (SBP) reported a healthy increase in foreign exchange reserves, rising by $611 million to reach $16.53 billion during the week ending June 24, 2026. The central bank attributed the gain primarily to government inflows from multilateral institutions, further strengthening the country's external position.
Total Liquid Reserves and Rupee Stability
Pakistan's total liquid foreign reserves stood at $22.1 billion as of June 24, 2026. Of these, SBP-held reserves amounted to $16.5 billion, while commercial banks held net reserves of $5.5 billion. The rupee remained nearly flat, closing at Rs278.15 against the US dollar compared to Rs278.16 on June 30, 2026, according to the SBP.
Gold Prices Rally Sharply
Gold prices in Pakistan rose sharply on Thursday, mirroring a strong international rally. The All-Pakistan Gems and Jewellers Sarafa Association reported that the price of gold per tola increased by Rs9,100 to reach Rs428,736. Similarly, the 10-gram gold rose Rs7,802 to Rs367,572. This followed a decline of Rs5,200 per tola on Wednesday.
International Gold Market Drivers
The uptick in local prices aligned with international trends. Spot gold climbed 2.4% to $4,126.97 per ounce as of 9:00 am EDT, while 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 weaker-than-expected US non-farm payrolls data, which dampened expectations of aggressive Federal Reserve rate hikes this year. Central banks also remained active buyers, with the World Gold Council noting sustained purchases in May.
Market Commentary and Outlook
Adnan Agar, Director of Interactive Commodities, commented on the gold market: "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." He added, "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." Agar also noted, "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 Advance
Silver prices also advanced, rising Rs203 per tola to Rs6,445. Globally, spot silver was up around 4%, reflecting the broader precious metals rally.
