SBP reserves rise $19m; gold jumps Rs11,200

Foreign exchange reserves at the State Bank of Pakistan (SBP) climbed by $19 million to $17.12 billion over the seven days through August 28, 2026, the Express Tribune reported, citing central bank data published on Thursday. Net foreign reserves held by commercial banks slid $78.8 million to $5.41 billion across the same period. Taken together, liquid foreign reserves across the country contracted by $59.5 million to $22.53 billion.

The SBP's own holdings held roughly steady near $17.1 billion through August, down from $18.38 billion at the end of June, largely reflecting external debt repayments. Separately, the rupee closed Thursday at 277.42 per US dollar, a gain of Rs0.03 from Wednesday's settlement of 277.45.

Gold prices in Pakistan surged after international prices advanced more than 2%, as traders pared expectations of a US rate increase in September. The 24-karat price went up Rs11,200 to Rs465,236 per tola during the day, according to the All-Pakistan Gems and Jewellers Sarafa Association, while ten-gram gold rose Rs9,602 to Rs398,864. Internationally, spot gold gained 2.4% to $4,491.55 an ounce by 1618 GMT, reaching its loftiest point since August 28. Silver also rose Rs185 to Rs7,044 per tola in the local market.