Karachi:
The currency reserves that the State Bank of Pakistan (SBP) had fell by $ 72 million and reached $ 14.23 billion, primarily due to planned repayments with external debt, according to data released by the central bank on Thursday.
Meanwhile, the net currency reserves contained by commercial banks remained stable at $ 5.26 billion, bringing the country’s total liquid foreign reserves to $ 19.50 billion. In addition, the Pakistani Rupie announced a marginal gain against the US dollar and appreciated by 0.04% in the interbank market. At the end of trade, the local currency closed 282.56, marking an improvement of RS0.11 from the previous day’s closure of 282.67.
On the global front, the US dollar weakened against larger currencies in the midst of the growing expectations of interest rate reductions by Federal Reserve and concerns over increased political influence in the most important US institutions. The US labor market remains under focus, especially after last week’s disappointing payroll data for non-farm, which contributed to the dollar decline. At the same time, the euro achieved itself prior to planned peace talks next week, which aimed to resolve the ongoing conflict in Russia-Ukraine.
Meanwhile, gold prices in Pakistan rose and asked a sharp rende on the international market, where the yellow metal climbed up to a more than two weeks of height. The global rally was driven by demand for a safe haven after US President Donald Trump’s latest tariffs came into force and soft job data strengthened the expectations of interest rates. In the local market, the gold price rose per year. Tola with RS2.900 to settle for RS362,200, while 10-gram gold was priced for RS310,528, reflecting a day-to-day climb on RS2,487, according to All Pakistan Sarafa Gems and the Jewers Association.
The increase follows Wednesday’s Uptick on RS1.300, as the price per Tola reached RS359,300. Interactive Raw President Adnan Agar attributed the continued volatility to “the intensifying global customs war.” The international market hit a highlight of $ 3,397 and stood at $ 3,385 with a low level of $ 3,365. “If gold closes over $ 3,400, the next goal could be around $ 3,440-50,” he noted.
“As long as the customs voltage continues – whether it is with India, Russia, Europe or Japan – we expect gold to remain unstable. There are strong fluctuations in prices and the trend can persist for the next few months,” Agar added.
Globally, Spot Gold rose 0.6% to $ 3,388.09 per Ounce of 0956 AM EN (1356 GMT), after hitting its highest level since July 23 earlier in the session. The US Gold Futures added almost 0.7% to $ 3,455.60, according to Reuters.
In addition, China’s central bank added gold to its reserves in July, the ninth consecutive month of purchasing, official data showed Thursday.
China’s gold reserves rose to 73.96 million fine Troy os at the end of July from 73.90 million ounces in late June. The country’s gold reserves were valued at $ 243.99 billion at the end of last month, up from $ 242.93 billion in late June, Data from People’s Bank of China showed.
