Pakistan · World · Independent Digital Newsroom
The net reserves held by commercial banks amounted to $5.30 billion.
In the preceding week ended October 23, the SBP-held reserves had increased by $33 million to $21.52 billion.The latest figures show that the central bank's reserves have continued their upward trajectory for several weeks.
Furthermore, the rupee appreciated Rs0.03 against the US dollar to close at 276.67, compared with Wednesday's close at 276.70.Meanwhile, gold prices in Pakistan surged, gaining Rs9,600 per tola to reach Rs435,636, as the precious metal rallied in the international market amid a weaker US dollar, falling Treasury yields and easing inflation concerns following a decline in oil prices.According to rates released by the All-Pakistan Gems and Jewellers Sarafa Association, the….
The latest increase followed a sharp rally on Wednesday, when gold gained Rs13,900 per tola to Rs426,036.
The precious metal has recovered Rs23,500 over the past two sessions.In the international market, spot gold rose 0.9% to $4,095.49 per ounce by 11:12 am ET (1612 GMT), after touching an intra-day high of $4,146.63, its highest level since October 20, as per Reuters.
US gold futures for December delivery gained 0.8% to $4,105.80.Gold had jumped nearly 3.4% on Wednesday, marking the biggest single-day spike since August 19.
Prices have recovered more than $250 this week from the one-year low of $3,869.85 recorded on Friday.A weaker US dollar, which hovered near its lowest level since September 30, made dollar-denominated bullion cheaper for holders of other currencies.
Meanwhile, the benchmark 10-year US Treasury yield stood near a two-month low, supporting demand for the non-yielding gold.Adnan Agar, Director of Interactive Commodities, said gold's intra-day low stood at around $4,058 per ounce, while the high was $4,150.
The market was trading in the $4,105-$4,110 range.
He said the outlook remained relatively strong, but downside risks persisted unless gold crossed $4,250 and managed to close above that level.Agar said geopolitical developments, particularly the US-Iran conflict, were a key factor shaping the outlook.
A resolution could support market stability, while continued tensions could expose gold to further downside pressure.
Silver prices in the domestic market increased Rs100 to Rs5,763 per tola.
