Karachi:
The exchange reserves held by State Bank of Pakistan (SBP) decreased by $ 72 million, reaching 14.23 billion dollars, mainly due to expected external debt repayments, according to data published by the Central Bank on Thursday.
Meanwhile, the net exchange reserves held by commercial banks remained stable at $ 5.26 billion, bringing foreign foreign reserves in the country to $ 19.50 billion. In addition, the Pakistani Roupie posted a marginal gain compared to the US dollar, appreciating 0.04% on the inter-banque market. At the end of trading, the local currency closed at 282.56, marking an improvement of RS0.11 compared to the closing of the day before at 282.67.
On the global level, the US dollar has weakened in relation to the main currencies in the context of the growing expectations of interest rate reductions by the federal reserve and concerns about the increase in political influence in the main American institutions. The US labor market remains at home, especially after last week’s disappointing pay data from last week, which contributed to the decline in the dollar. At the same time, the euro has gained ground before the peace talks scheduled for next week aimed at resolving the current conflict in Russia-Ukraine.
Meanwhile, gold prices in Pakistan have increased, following a strong upward trend on the international market where yellow metal has climbed to more than two weeks. The global rally was fueled by the demand for safe after the latest prices from US President Donald Trump has entered into force and data on flexible work has strengthened the expectations of lower interest rates. On the local market, the price of gold by tola increased from RS2 900 to settle at Rs362 200, while 10 gram gold was at the price of RS310.528, reflecting a daily increase in RS2 487, according to the All Pakistan Sarafa Gems and Jewelers Association.
The increase follows an increase in RS1,300 on Wednesday when the price per canvas reached RS359 300. The director of interactive raw materials, Adnan Agar, has attributed continuous volatility to “intensifying the war of world prices”. The international market reached a summit of $ 3,397 and was at $ 3,385, with a minimum of $ 3,365. “If the gold closes above $ 3,400, the following lens could be around $ 3,440 to $ 50,” he noted.
“As long as tariff tensions continue – whether with India, Russia, Europe or Japan – we expect gold to remain volatile. There is a strong price fluctuation and the trend could persist for the next few months,” added Agar.
World -scale, Spot Gold won 0.6% to $ 3,388.09 per ounce at 0956 AM and (1356 GMT), after reaching its highest level since July 23 in the session. US Gold Futures added almost 0.7% to $ 3,455.60, according to Reuters.
In addition, the Central Bank of China added gold to its reservations in July, its ninth consecutive month of purchases, the official data showed on Thursday.
China’s gold reserves reached 73.96 million ounces in fine Troy at the end of July, compared to 73.90 million ounces at the end of June. The country’s gold reserves were estimated at $ 243.99 billion at the end of last month, against 242.93 billion dollars at the end of June, according to data from the Popular Banque de China.
