KARACHI – The total foreign exchange reserves of Pakistan moved up by $85.3 million to reach $15,947.9 million during the week ended on February 14.
Official data showed that the reserves held by the State Bank of Pakistan (SBP) also witnessed an increase of $35 million as they swelled to $11,201.5 million during the period under review.
The breakup of the foreign reserves further showed that commercial banks held net foreign reserves of $ 4,746.4 million.
In the previous week ended on Feb 7, total liquid foreign reserves held by the country stood at $15,862.6 million.
Among them foreign reserves held by the central bank were recorded as $11,166.6 million while net reserves of commercial banks stood at $4,696 million.
Meanwhile, gold prices have surged to unprecedented levels, setting new records in both international and local markets. According to reports, the price of gold per ounce in the international bullion market has risen by $9, reaching a historic high of $2,953.
The increase in gold prices can be attributed to several factors, including the economic slowdown caused by former U.S. President Donald Trump’s stringent import policies. As a result, global economies have been struggling, prompting investors in various countries to seek refuge in gold. This trend has led to a continuous rise in the demand for gold, both globally and locally.
As a direct consequence of the global price hike, local markets have also witnessed a surge in gold prices. On Thursday, the price of 24-karat gold per tola (11.66 grams) in local jewelers’ markets increased by 1,000 Pakistani rupees, reaching a new peak of 309,000 rupees. Similarly, the price of 10 grams of gold rose by 857 rupees, touching 264,917 rupees.
