SBP reserves fall $229m, gold prices rise

SBP reserves fall $229m, gold prices rise

The State Bank of Pakistan’s (SBP) foreign exchange reserves fell by $229 million in the week ending July 24, 2026, to $17.03 billion, mainly due to external debt repayments.

Pakistan’s total liquid foreign exchange reserves stood at $22.4 billion during the week. The SBP held $17.03 billion, while commercial banks maintained net reserves of around $5.4 billion.

Meanwhile, the Pakistani rupee edged up against the US dollar, closing at Rs277.81 in the interbank market on Thursday compared with Rs277.82 a day earlier. The dollar remained stable in early Asian trading after the US Federal Reserve kept interest rates unchanged.

Gold prices in Pakistan also increased, following gains in international markets. The All-Pakistan Gems and Jewellers Sarafa Association said the price of 24-carat gold rose by Rs1,000 to Rs427,436 per tola. The price of 10 grams increased by Rs857 to Rs366,457.

Internationally, spot gold gained 0.8% to $4,098.98 per ounce, while US gold futures for August delivery rose 1.4% to $4,097.70.

The Federal Reserve maintained its current interest rates on Wednesday, while softer US inflation data reduced market expectations of a rate hike in September. Analysts, however, warned that the ongoing conflict in the Middle East could put renewed pressure on inflation.

Silver prices moved lower in the domestic market, declining by Rs76 to Rs6,215 per tola.

Interactive Commodities Director Adnan Agar said the gold market remained range-bound. Bullion traded between $4,028 and $4,120 before settling near $4,107, which he described as a “danger zone.”