KARACHI:
Pakistan’s foreign exchange reserves registered a decline in the week ended March 7, 2025 as the central bank’s deposits fell $152 million to $11.098 billion.
The drop was attributed to external debt repayments, according to the latest data released by the State Bank of Pakistan (SBP) on Thursday.
The total liquid foreign reserves held by the country stood at $15.929 billion, of which the SBP held $11.1 billion while commercial banks had net reserves of $4.8 billion.
“During the week ended on March 7, 2025, SBP’s reserves decreased by $152 million to $11,097.9 million due to external debt repayments,” the central bank stated.
Meanwhile, gold prices in Pakistan continued their upward trend, mirroring gains in the international market. In the local market, the price of gold per tola surged Rs2,800 on Thursday, reaching Rs309,300.
Likewise, the price of 10-gram gold rose Rs2,400 and settled at Rs265,174, according to the All Pakistan Sarafa Gems and Jewellers Association (APSGJA). On Wednesday, the per-tola gold price had already recorded an increase of Rs500.
Meanwhile, bullion also climbed in the global market. As per APSGJA, the international gold rate stood at $2,942 per ounce (including a $20 premium), higher by $27 for the day.
“Gold has surged today (Thursday), standing at $2,976, with a low of $2,932,” said Adnan Agar, Director of Interactive Commodities. “If the market closes above $2,930, we will see an upward movement,” he said.
Gold is currently holding near its peak at $2,976. It is also very close to the $3,000 mark, he said. “There is a strong barrier at $3,000, so we may see profit-taking at that level. The market could push towards $3,000 or even $3,025, but selling pressure and profit-taking are expected near these levels.”
The primary reason behind this movement is US President Donald Trump’s ongoing tariff announcements. Every day, there is a new development regarding tariffs. Recently, he has hinted at imposing tariffs on Europe, which has further pushed the market upwards, he said.
Moreover, the Pakistani rupee experienced a slight decline against the US dollar, depreciating 0.03% in the inter-bank market.
By the end of trading session, the currency settled at 280.05, a loss of eight paisa against the greenback. A day earlier, the rupee had closed at 279.97.
On the global front, the US dollar edged higher on Thursday, supported by an uptick in US Treasury yields. However, currency markets remained in tight ranges as investors assessed the impact of escalating global trade tensions on US inflation and economic growth.
