Pakistan’s total liquid foreign reserves stood at $26.77 billion as of September 25, according to the State Bank of Pakistan (SBP).
The SBP held $21.44 billion of the reserves. Commercial banks held another $5.33 billion. The figures put the country’s total liquid reserves at about $26.8 billion.
Rupee Posts Marginal Gain
The Pakistani rupee also closed slightly stronger against the US dollar. It ended at Rs277.10, compared with Rs277.11 in the previous session.
The currency gained just one paisa during the session. The dollar remained firm in international markets amid higher US Treasury yields and inflation concerns.
Gold Price Drops Rs3,000
Gold prices in Pakistan fell sharply on Thursday. The precious metal lost Rs3,000 per tola.
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According to the All-Pakistan Gems and Jewellers Sarafa Association, gold settled at Rs438,636 per tola. It stood at Rs441,636 on Wednesday.
The price of 10 grams of gold fell by Rs2,572 to Rs376,059. Gold had gained Rs4,300 per tola in the previous session.
Silver prices also declined in the local market. The price fell by Rs50 per tola to Rs6,528.
Global Gold Market Under Pressure
Spot gold remained broadly steady in international trading. A stronger US dollar and higher Treasury yields limited gains.
Softer-than-expected US inflation data provided some support. The data also reduced expectations of a Federal Reserve rate hike in October.
Spot gold was up 0.1% at $4,159.11 per ounce by 11:17 a.m. EDT, according to Reuters. US gold futures for December delivery also gained 0.1% to $4,189.30.
Despite the modest recovery, gold remained on track for a monthly decline of more than 6% in September.
Gold has remained above the $4,000-per-ounce level despite elevated US Treasury yields. The metal does not generate interest income. It can therefore face pressure when real yields rise.
Higher yields can make interest-bearing assets more attractive. A stronger US dollar can also weigh on gold by making it more expensive for buyers using other currencies.
