KARACHI:
The State Bank of Pakistan’s (SBP) foreign exchange reserves increased by $41 million to $16.34 billion during the week ended March 6, 2026, according to the central bank.
The country’s total liquid foreign reserves stood at $21.60 billion, where commercial banks held net reserves of $5.26 billion.
Furthermore, the Pakistani rupee posted a marginal rise of 0.01% against the US dollar in the inter-bank market on Thursday, settling at 279.32 after appreciating Rs0.03 from the previous close of 279.35.
Meanwhile, gold prices in Pakistan declined, tracking losses in the international market, as investors reacted to changing global commodity dynamics. In the local market, the price of gold per tola fell by Rs2,900 to settle at Rs540,362, according to rates shared by the All-Pakistan Gems and Jewellers Sarafa Association. Similarly, the price of 10 grams of gold dropped by Rs2,486 to Rs463,273.
The decline comes a day after gold prices surged, when the per-tola rate climbed by Rs3,700 to Rs543,262 in the domestic market. In the international market, gold prices decreased $29 to $5,176 per ounce (including a premium of $20), reflecting pressure from movements in other commodities and market expectations.
Meanwhile, silver prices also moved lower in the local market, falling by Rs179 to Rs9,175 per tola. Market analysts linked the decline in bullion primarily to the rebound in global oil prices. Adnan Agar, Director at Interactive Commodities, said gold witnessed a slight pullback during the day as oil prices gradually started increasing again.
According to Agar, international gold traded between the high of $5,191 and low of $5,109 and was hovering around $5,124 at the time of assessment. He noted that the key technical support for gold currently stood at $5,021, warning that if the market broke and settled below that threshold, the outlook for the metal could weaken further.
“If gold closes between $5,000 and $5,020, there is a strong possibility that it could retest the $4,700 level,” he said, adding that rising oil prices could continue to exert downward pressure on bullion in the coming days.
Agar further noted that oil prices were expected to strengthen again next week, which could influence gold’s direction when markets reopen after the weekend. “When markets open on Monday after Friday’s close, prices often show a ‘gap-up’. In the first week of the war, the market opened with about $9 gap and last week the opening gap was around $8-10,” he said. Agar added that market participants “are now watching how gold closes on Friday to gauge the near-term trend”.
