The State Bank of Pakistan (SBP) held $16.06 billion in foreign reserves, while commercial banks collectively maintained net foreign reserves of $5.14 billion, bringing the total liquid reserves to $21.19 billion.
During the week ended January 2, the SBP’s foreign exchange reserves increased by $141 million, signalling a slight strengthening of the central bank’s buffer amid ongoing external pressures.
Analysts at Arif Habib Limited (AHL) noted that Pakistan’s reserves currently provide an import cover of 2.65 months, which indicates the number of months the country can sustain imports using its available liquid reserves.
Furthermore, the Pakistani rupee edged slightly higher against the US dollar in the inter-bank market on Thursday. It closed at Rs280.05, marking a Rs0.01 gain versus the greenback. On Wednesday, the rupee had finished the session at Rs280.06.
Meanwhile, gold prices in Pakistan declined, reflecting cautious sentiment in global markets ahead of key US non-farm payroll data, which investors are closely watching for signals on the Federal Reserve’s rate policy.
In the local market, gold per tola fell by Rs600 to Rs466,162, while 10-gram gold was sold at Rs399,658, down Rs515, according to the All-Pakistan Gems and Jewellers Sarafa Association. On Wednesday, gold per tola had already dropped by Rs1,200 to Rs466,762.
Internationally, gold eased by $6 to $4,438 per ounce (with a $20 premium). Spot gold in global markets showed a mild recovery later, trading up 0.2% at $4,460.36 per ounce as of 11:55 am ET, after touching the session low of $4,406.89. US gold futures for February delivery rose 0.2% to $4,470. Analysts noted that near-term pressure from commodity index adjustments continues to cap gains. Meanwhile, silver prices also fell, dropping Rs236 to Rs8,125 per tola.
The annual Bloomberg Commodity Index rebalancing, which is a periodic adjustment of commodity weightings to keep the index aligned with market conditions, begins this week.
“There’s just going to be pressure for the next few sessions on gold and silver while that commodity index readjusts,” said RJO Futures Senior Market Strategist Bob Haberkorn.
Despite the short-term dip, HSBC analysts remain optimistic on the precious metal, projecting gold could reach $5,000 per ounce in the first half of 2026, driven by safe-haven demand and ongoing macroeconomic uncertainties.